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July Mid-Month Market Update
Hello again. Here is another update on the Victoria real estate market.
There has been a lot of news recently about the interest rate hike from 0.5% to 0.75% that was issued by the Bank of Canada on July 12th: the first of its kind in seven years. Many financial experts are saying that rates will inevitability continue to rise; however, the Bank of Canada has stated that further increases will be in reaction to economic realities that are still unknown. It has scheduled its next decision on interest rates for September 6th.
The extent to which the rate hike will affect the Canadian housing market is still unknown. Lots of reporting suggests it will result in a cooling of the market—however, it is possible that many buyers may react to the rate hike and perceived cooling in the market and decide it is the right time to purchase.
For the month of June, Canadian home sales dropped 6.7% from May, the largest decline since June 2010.
Despite this national trend, in Victoria home sales stayed solid with 1008 residential units sold in the month of June compared to 1006 units in May.
In many ways Victoria remains a unique and desirable market for real estate. It’s status as provincial capital with an abundance of government employment, the naval presence at CFB Esquimalt, its diverse economy and growing tech industry, and its status as a desired retirement destination for retirees from throughout Canada are some of the factors that help to insulate Victoria from some whims of the greater Canadian market. Additionally, the lack of a foreign buyers tax in Victoria may be encouraging spillover from wealthy foreign investors looking for an alternative to Vancouver or farther eastern destinations such as Toronto and, the increasingly popular, Montreal.
As always, if you are interested in learning how the current market conditions affect you or your real estate investments, would like a market analysis of your property, or if we can be of assistance in any way at all, please don’t hesitate to give us a call (250-886-8520), send us an email (firstname.lastname@example.org), or drop by our Facebook page to say hello.