It's nice to see the inventory of listings increasing, though the selection of good homes is still sparse compared to past years. We really do need to see some more housing stock in the area, we still have more people moving to Victoria than out of Victoria. In this higher interest rate environment, buyers with 'cash money' will have more leverage and perhaps see some opportunities. But this is a challenging time for buyers who are trying to balance their needs for a new home with the idea that, perhaps, if they wait, prices will be lower in future. This isn't a given, but does appear likely. Quite a turnaround from the frantic buying activity of last year where fear of higher prices drove people to buy quickly and with little oversight. Currently, with more selection and a bit of a 'pause' there is more time to think about things, BUT, I am still seeing and involved in multiple offer scenarios for well positioned homes.
Current market stats are below, along with some of my recent listings and sales. If you haven't already, please also check out my video and weekly show, Monday's at 10am, streamed on YouTube & Facebook, "The Victoria Real Estate Show".
