Greater Victoria Real Estate market update: Low inventory continues to be the biggest driver of rising prices. There were 1036 active listings for sale on VREB MLS at the end of October 2021, 51.2% fewer than the 2122 available at the end of October 2020.
The only solution to the current market is to create more supply which will be interesting to watch out for as that will require acceptance of increased density in some areas and a continuous rise in new construction.
👀 other things to watch out for… Scotiabank came out with a headline-grabbing forecast recently, saying it expects the Bank of Canada to deliver eight quarter-point hikes (totalling 200 basis points, or 2%) by the end of 2023. This would cause the prime rate to rise, likely by the same amount, which is used by banks and other lenders to price their variable-rate mortgages and Home Equity Lines of Credit (HELOCs).
Triggering some folks to choose the fixed rate option or at least consider it!
Any questions about listing or purchasing? I’m here to help you navigate the shores and advise on the best direction! 250-883-2220