92 replies to this topic

[Ryan Cook]

 

 

Ryan Cook

REALTOR® | RE/MAX Camosun

ryan@ryancookrealestate.ca

250-886-9398

VictoriaRealtor.ca

[Nparker]

 All things considered, decent sales numbers for September. 

[Mike K.]

Yup!

[Barrister]

It was good September. 

[Ryan Cook]

 

I attended the Bob Rennie presentation at Bella Park Presentation Centre this afternoon. Here are a couple of slides that stuck out. The clear title property in Greater Victoria has and will continue to buffer the market from any dramatic downswings and provide assistance for many first time buyers through their families built up home equity. 

 

Rennie was VERY bullish on the Westshore longterm compared to City of Victoria and surrounding area due to safety and new communities being built that offer daily conveniences and walkability without the headaches of Victoria. "Cities will become more and more less desirable as communities like Royal Bay are being built" said Rennie. 

 

Said a condo in Victoria is on average 27.5% cheaper than the equivalent in Vancouver making it more appealing to a wide range of buyers. 

 

Also said we need to get through February 2025 - October 2025 following more anticipated rate decreases. 

 

Buying presale today is a good buy because when it's completed in 2 years from now you will be able to qualify for a much lower rate compared today.

 

 

Ryan Cook

REALTOR® | RE/MAX Camosun

ryan@ryancookrealestate.ca

250-886-9398

VictoriaRealtor.ca

Edited by Ryan Cook, 02 October 2024 - 01:10 PM.

[Citified.ca]

Victoria's real-estate market made sales gains in September compared to a year-ago, albeit at prices that were below those of 2023 save for the under-supplied townhome market segment. Federal changes to the housing industry, including 30-year mortgage amortizations, are considered necessary in Canada's high-priced housing market.

 

September property sales outpaced last year as Victoria's housing market primed for 30-year amortizations

https://victoria.cit...-amortizations/

[Barrister]

Anyway of breaking down sales between SFH and condos? They seem to almost be different markets these days.

[Citified.ca]

Have you read the article, Barrister? The data is broken down by houses, condos and townhomes.

[Matt R.]

Glad to see inflation has been vanquished.

[Barrister]

Thank you, I was just looking at the chart, the article is very helpful.

[Victoria Watcher]

The Vancouver Island Real Estate Board has released its numbers for September and it’s more of a buyers’ market than in past years.

 

The amount of sales is up 16 percent and active listings is up 24 percent from a year ago. The higher inventory is resulting in a longer period to sell but sales prices remain relatively firm.

 

According to stats from the Vancouver Island Real Estate Board, properties generally are taking about 15 percent longer to sell than one year ago.

 

 

https://cheknews.ca/...market-1217334/

Edited by Victoria Watcher, 03 October 2024 - 02:03 AM.

[Mike K.]

No, it isn’t a buyer’s market.

We’re still way off from calling it that, but seller’s can’t be ridiculous with their asks, so buyer’s do have leverage in that they’re not pressured to buy like they were in 2020-2022 when banks were offering 1-2% and everyone wanted a house and yard. That’s the reason we have so much inventory today, but if we also had pressure to sell (a seller’s market) you wouldn’t be seeing it lingering for as long as so many listings are. People want 2022 prices today, and it’s not happening. But there’s also no pressure to sell.

[Ryan Cook]

"The real estate market in Victoria right now is much more stable and more predictable than it has been in recent years," said 2024 Victoria Real Estate Board Chair Laurie Lidstone. "We have seen a few solid months of near-balance in the market, which means it's neither a seller's nor a buyer's market and positives exist for both sides of a transaction. With downward trending interest rates and stable pricing combined with more inventory on the market, our current conditions are the most comfortable for consumers to navigate that I've seen in a few years."

[Mike K.]

That’s better!

[Ryan Cook]

 

 

 

Ryan Cook

REALTOR® | RE/MAX Camosun

ryan@ryancookrealestate.ca

250-886-9398

VictoriaRealtor.ca

[Mike K.]

My forecast: 457.

[Victoria Watcher]

But what will it "feel" like?

[lanforod]

My forecast: 457.

 

You're on. 503 is my vote.

[Mike K.]

Dang Lanf! That’s bullish.

[lanforod]

I'm wagering on the nice weather continuing