165 replies to this topic

[Ryan Cook]

[Barrister]

Things seem stable, lets see where the month ends.

[Mike K.]

It’s going to be closer than we think, maybe.

[Ryan Cook]

What are people thinking the Bank of Canada will do on January 29th? Another cut or hold? 

 

I would bet on a .25% cut. 

[Barrister]

Hard to tell, inflation is good but the dollar is weak.

[Mike K.]

Yes, hard to say, but I suspect Ryan is correct and we'll see a drop to 3.0%.

 

Could we see 2.25 or 2.5% by spring??

[Ryan Cook]

It's possible depending on other macro events. Definitely noticing a lot more activity in the condo market the past 2-3 weeks. People are starting to feel the lower rates. 

[Ryan Cook]

[lanforod]

Just keeps plugging along with YoY increases eh. Small one this time looks like.

[Barrister]

It seems steady but not actually good or bad. That is a lot to be said for a nice predictable market.

[Ryan Cook]

https://economics.bm...-e4c56ae7fd22/ 

 

BMO is out with its first look on how tariffs have changed their forecasts -Assumes tariffs will be here for a year -0% GDP growth in 2025 -8% unemployment rate -0.25% rate cut at every Bank of Canada meeting until October -Loonie falls to $0.64-$0.65 US

[Barrister]

Ryan, what do see as the impact, if any, on the real estate market?

[LJ]

Tariffs come off as soon as Polievre is PM.

[Ryan Cook]

 

Ryan Cook

REALTOR® | RE/MAX Camosun

ryan@ryancookrealestate.ca

250-886-9398

[Ryan Cook]

@barrister - it's too early to say but if people start start losing their jobs that will have a negative affect on prices. Retaliatory tariffs from canada will drive up the cost of construction even more. Then there is interest rates which have been forecasted to continue a modest decline until fall if the tariffs persist. For the immediate future, I don't think it can be predicted exactly what will happen. We have to wait and see if we are in this for the long haul first. 

[Mike K.]

Almost a 25% jump!

[Ryan Cook]

A total of 422 properties sold in the Victoria Real Estate Board region this January, 23.8 per cent more than the 341 properties sold in January 2024 and 0.2 per cent more than in December 2024. Sales of condominiums were up 30.4 per cent from January 2024 with 146 units sold. Sales of single family homes increased by 19.8 per cent from January 2024 with 194 sold.

 

“We’ve seen a strong hand off from the December market to January with a good sense of momentum building,” said 2025 Victoria Real Estate Board Chair Dirk VanderWal. “Over the course of the month, we saw an uptick in new listings, and it is the first time in ten years that over one thousand new listings were added to our inventory in a January. This is a positive sign for our market as we head into 2025.”

 

There were 2,395 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2025, an increase of 4.6 per cent compared to the previous month of December and an 11.9 per cent increase from the 2,140 active listings for sale at the end of January 2024.

 

“The overall housing market in the Greater Victoria Area continues to show signs of balance,” adds Chair VanderWal. “There are strong fundamentals underpinning our market. Pricing remains stable, inventory levels are favourable when compared to recent years and interest rates continue to trend in a positive direction for consumers. Of course, there may be uncertainty in the coming months as international trade relationships are tested, so we will track if these deliberations impact the market moving forward. As always, buying or selling your home is one of the largest financial decisions you’ll make, and your favourite local REALTOR® is your best resource to help you navigate the process.”

 

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in January 2024 was $1,252,200. The benchmark value for the same home in January 2025 increased by 2.8 per cent to $1,287,200, down from December’s value of $1,306,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in January 2024 was $551,900 while the benchmark value for the same condominium in January 2025 decreased by 0.7 per cent to $548,100, up from the December value of $547,800.

[Citified.ca]

January was a formidable start to the year, according to the latest VREB stats.

 

Sales increased 24%, and prices rose year-over-year across the board, with several price segments rising substantially.

 

Victoria’s 2025 housing market is off with a bang as sales jump 24%, prices 2nd only to 2022’s record highs

https://victoria.cit...s-record-highs/

[Ryan Cook]

[Mike K.]

An easy 500 deals this month.