Alex Carroll in Victoria BC
Alex Carroll in Victoria BC
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Where is the Victoria BC Real Estate Market Heading in 2024?
With 2023 coming to a close it gives us a great opportunity to reflect on what has been a turbulent year in the Victoria BC real estate market. Vancouver Island real estate and BC have experienced similar turmoil through the year. Where is the Victoria BC Real Estate Market Heading in 2024?
My Victoria BC real estate predictions for 2024 in this video!
There have been a lot of ebbs and flows in the Victoria Housing Market with mortgage interest rates, which have had an effect on overall demand in the market. With most major banks offering posted rates above 6%, we are in an entirely different environment than we were just a couple of years ago. The retraction in sales over the last 2 years is probably the best indicator of this that we have:
Unit Sales (Victoria Real Estate Board)
2021: 10,192
2022: 6,924
2023: 5,941
Through sluggish month in sales activity in Victoria BC Housing, our inventory has built to levels not seen since the summer of 2020 during the C-19 lockdowns. Over the last 5 years we have consistently reached our peak of active listings in July, but 2023 has been different. Our peak of listed inventory actually occurred at the end of October (2,776) and marked the 10th consecutive month with more property available than the month previous.
New listings through the fall have outpaced demand and November 2023 had more new listings (858) than any November in the last decade. There is reason to believe that more owners with homes coming up for renewal are deciding to sell than we have seen in recent memory. The conversion of some of these sellers coming to market with below-average demand has led to downward pressure on prices.
Buyers and sellers have to come together to inform this data, and in some cases the backdrop of better market conditions in 2024 has some sellers heading for the sidelines instead of relenting to lower offers in the fall of 2023. Will they have more luck in 2024?
There is reason to believe that we have reached the peak of interest rates/mortgage rates and that as 2024 unfolds, downward pressure on both fixed and variable rates could mean that the market wakes back up again for real estate in Canada (Canadian Real Estate). October's CPI data saw another decline from the previous month (3.8%) mainly due to falling year-over-year gasoline prices. The most significant contributors to inflation remain mortgage interest costs, food purchased at stores, and rent.
Excluding food and energy, inflation fell to 2.7% in October, down a tick from the September reading. Two other inflation measures closely tracked by the Bank of Canada (trim and median core rates) also eased, averaging 3.6% from an upwardly revised 3.8% a month earlier.
The next piece of relevant data was the Q3 GDP release from Statistics Canada. The economy in the third quarter shrank at a 1.1 percent annualized pace, much weaker than the Bank of Canada’s forecast of +0.8 per cent. The contraction almost wiped out all the growth from an upwardly revised 1.4 per cent increase in the second quarter and presents stark contrast to the 2.5% growth rate for Q1 2023.
The two consecutive quarters of GDP at near 0 per cent, accompanied by flat household spending -- the weakest half-year since 2009 outside the pandemic, suggest the economy has essentially stalled, losing much of the strong momentum seen early this year. This reinforces the view that the Bank of Canada's interest rates are sufficiently restrictive to crimp consumption and slow inflation. The Bank of Canada confirmed this sentiment this week by leaving their overnight rate unchanged at 5%.
The bond market has responded and the Government of Canada's 5 year bond yield has fallen from a peak of 4.41% at the end of October to 3.37% at present. As this yield is a significant component of the spread for fixed rate mortgage products, it could mean that lower fixed rates are on the horizon.
Unless there is a deep recession that triggers job losses and unemployment, I will continue to expect that falling rates will have an effect on backstopping further price declines, and that 2024 will more than likely be a return to a balanced market, with stable and slow growth in prices across all segments.
00:00 Intro
00:37 2023 Recap
02:27 Looking Ahead
05:33 Real Estate News
______________________________________
Alex Carroll is a licensed real estate professional in the province of British Columbia serving the Greater Victoria Real Estate Market
Alex Carroll PREC*
Licensed Victoria Realtor
Engel & Völkers Vancouver Island
alex.carroll@evrealestate.com
alexcarroll.ca
Consider subscribing to this channel to stay updated on more from the Capital Map series and other bits of information on the Victoria BC Real Estate Market.
Let’s connect on social!
Facebook - realestatevic/
Instagram - carrollgroupev
#victoriabc #VictoriaBCRealEstate #VictoriaHousingMarket
zhlédnutí: 2 534

Video

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Komentáře

  • @carolemarie8360
    @carolemarie8360 Před 16 hodinami

    lived i Fairfield BC

  • @carolemarie8360
    @carolemarie8360 Před 16 hodinami

    I want to mive back to BC. I was also a kid there many years agoI want to move to East Saanich BC

  • @carolemarie8360
    @carolemarie8360 Před 16 hodinami

    I grew up in BC and want to go back

  • @mcrowl2823
    @mcrowl2823 Před 2 dny

    So twisty, winding roads? If so, that sounds like a pro to me.

  • @andybeers4538
    @andybeers4538 Před 5 dny

    Please move to Calgary

  • @andybeers4538
    @andybeers4538 Před 5 dny

    This guy is an idiot.

  • @Genarovaz
    @Genarovaz Před 9 dny

    Nice video Thanks

  • @at6446
    @at6446 Před 11 dny

    Most expensive city in Canada - Victoria BC

    • @AlexCarroll
      @AlexCarroll Před 10 dny

      That's inaccurate, but ok!

    • @at6446
      @at6446 Před 10 dny

      @@AlexCarroll then which city is?

    • @AlexCarroll
      @AlexCarroll Před 9 dny

      @@at6446 it depends what metrics you consider. But both Vancouver and Toronto have higher shelter costs (rent and purchase).

    • @at6446
      @at6446 Před 8 dny

      @@AlexCarroll Victoria BC average home price?

  • @emeralddimus3052
    @emeralddimus3052 Před 12 dny

    HI Alex. Thank you for this content. I will be moving into Victoria very soon and I would like to ask a few questions. You touched on the cost of placing your car on a Ferry. Please clarify: would this mean that I can have my car transported from Victoria to Vancouver on a Ferry? And if so, can I buy a car in Vancouver, drive it to the Ferry station, and bring it into Victoria via the Ferry? Secondly, I am very grateful for the comprehensive video you did on the Victoria BC Neighbourhood Guide. If one were to get a place in either Esquimalt or Victoria worth 850k (which I see your website already lists), with a down payment of 250k, what is the least salary one has to earn need to get approval for a mortgage loan (for the remaining 600k)? Also, can one reach you via your office phone? Thank you.

    • @AlexCarroll
      @AlexCarroll Před 11 dny

      @@emeralddimus3052 hi Emerald. These are good questions. Might be easiest to unpack over the phone 250-889-9060 is my direct line. Thanks

  • @Never-Too-Old
    @Never-Too-Old Před 16 dny

    Thank you so much for this video, it seems very professionally done and it's exactly what I've been looking for. Although I'm Scottish and have lived in the UK my whole life I was actually born in Ontario and have longed to move to Canada for most of my adult life but there was always something getting the way, just by sheer chance my partner has the opportunity of employment anywhere in BC and we've narrowed the search to Victoria or the greater Victoria area, not an easy decision to make when you're planning to move to a country you don't know and you have the wellbeing of children to think about. I've subscribed to your channel and look forward to more Victoria Videos.

    • @AlexCarroll
      @AlexCarroll Před 16 dny

      Hey there! Thanks so much for the kind feedback. It’s encouraging when people are getting value out of these videos. Will keep them coming! All the best with your move!

  • @theoverwijst5639
    @theoverwijst5639 Před 20 dny

    its a shit hole

  • @westsidevancouver8501
    @westsidevancouver8501 Před měsícem

    Don’t forget the dying downtown core with the sad Bay and withering variety of shops.

  • @SpottedOwl23
    @SpottedOwl23 Před měsícem

    I moved to Victoria 10 months ago and all I can ever think about is the cons. I'm from Alberta and I used to love driving everywhere and doing everything whenever I wanted but Victoria is very restrictive in that sense. I would not recommend moving here to anyone. It's basically an old person town and the downtown is not vibrant as portrayed

    • @AlexCarroll
      @AlexCarroll Před měsícem

      Fair enough! It’s not for everybody and I appreciate your candid response. I would agree with you that it’s not a driver’s city. Even so traffic is still miles better than Vancouver or Toronto.

  • @sharadkumar7243
    @sharadkumar7243 Před měsícem

    Great presentation

    • @AlexCarroll
      @AlexCarroll Před měsícem

      Thanks very much for the feedback!

  • @mannyking663
    @mannyking663 Před měsícem

    The production quality of this video is incredible. Great Job Guys!

  • @Anvanho
    @Anvanho Před měsícem

    Thanks for the informative video! Why isn't there rideshare there, I want to ask?

    • @AlexCarroll
      @AlexCarroll Před měsícem

      If actually just arrived late last year. It still isn’t very popular or widespread but it’s growing!

    • @Anvanho
      @Anvanho Před měsícem

      @@AlexCarroll Thanks!

  • @darrylb4048
    @darrylb4048 Před měsícem

    Well done. Perhaps BC should incorporate your vlogs into their programs for visitors etc. I live in North Saanich but I love Sidney the best.

    • @AlexCarroll
      @AlexCarroll Před měsícem

      Thanks for the feedback Darryl!

  • @RussellOvans
    @RussellOvans Před měsícem

    I was expecting Cadboro Bay to be number one given your history, but I can’t argue with Cook Street Village in top spot. It’s the neighborhood where all newly-divorced dads move.

    • @AlexCarroll
      @AlexCarroll Před měsícem

      It was tough not to give Cadboro bay the nod, but wanted to try and speak outside my own bias as much as possible. Appreciate the feedback Russell!

  • @nelsonduarte6539
    @nelsonduarte6539 Před měsícem

    I'm afraid I am going to have to disagree with you with respect to the comment you made disassociating the unhoused to the crime in Victoria. Property crime, thefts from business, assaults, all sorts of disorder is committed by the unhoused. How do you think someone that does not work support a drug addiction anywhere from $200 to $1400 a day? They steal, all the things they have are stolen. There were 7 stabbings within 5 weeks, two of those people died and it wasn't over bubble gum.

  • @DeerheartStudioArts
    @DeerheartStudioArts Před 2 měsíci

    You say “ in Victoria” but then you site Sidney etc. I think you should say “southern Vancouver Island” because Victoria is the city on the south of Van. Island, A CITY! Sidney is another city and Metchosin is an area west if Victoria but not in Victoria.

    • @AlexCarroll
      @AlexCarroll Před 2 měsíci

      I guess for those that don’t live here it made more sense to lump them in as Greater Victoria. You are quite correct that these are different cities and towns entirely, but I thought this would make more sense to the average person vs. “Ultimate southern Vancouver island neighbourhoods guide”.

  • @DeerheartStudioArts
    @DeerheartStudioArts Před 2 měsíci

    Fernwood is the best area to live in Victoria.

  • @waynemerlo7448
    @waynemerlo7448 Před 2 měsíci

    If your homeless please come to Victoria it’s the best place in Canada to be.

  • @aliagnes6166
    @aliagnes6166 Před 2 měsíci

    I miss my old neighbourhood:( Someday..........Great video, Alex

  • @pjperdue1293
    @pjperdue1293 Před 2 měsíci

    What a great video. A Redditor led me here; this should be a Must Watch for every out-of-towner who asks about moving here. (And you made me see how lucky i am to live here, in James Bay). 🥰

    • @AlexCarroll
      @AlexCarroll Před 2 měsíci

      Really appreciate the feedback! Glad you enjoyed. James Bay is magic!

  • @nairbos
    @nairbos Před 2 měsíci

    Great video. Thinking of making the move from Vancouver for a more reasonable housing price with similar weather.

    • @AlexCarroll
      @AlexCarroll Před 2 měsíci

      Better weather in most cases! Thanks for the feedback

  • @overnightgrowth
    @overnightgrowth Před 2 měsíci

    8:30 as a european im like bring it on hahaha

  • @rishi505
    @rishi505 Před 2 měsíci

    Please add more video on Victoria . Lot of people are fed form Vancouver and wants to move to Victoria .

    • @AlexCarroll
      @AlexCarroll Před 2 měsíci

      Ok thank you I’m working on it!

  • @michaell2168
    @michaell2168 Před 2 měsíci

    I've never seen a city that just shuts down when it snows. Even the transit system shuts down. Most bizarre thing.

    • @AlexCarroll
      @AlexCarroll Před 2 měsíci

      Haha it is quite funny but also frustrating!

  • @carolemarie8360
    @carolemarie8360 Před 2 měsíci

    what is the cost?

    • @AlexCarroll
      @AlexCarroll Před 2 měsíci

      I’m sorry but this is from a previous listing - not what is on the market currently

  • @albertalakeland
    @albertalakeland Před 2 měsíci

    The grounds of RRU and Colwood waterfront are pretty nice.

  • @michaelfisher6354
    @michaelfisher6354 Před 2 měsíci

    Let's see if this video will persuade the riff raff not to move to Victoria.

    • @AlexCarroll
      @AlexCarroll Před 2 měsíci

      Doubt it! It’s a great place to live

  • @Song-bc3ue
    @Song-bc3ue Před 3 měsíci

    Great video as its very informative and comprehensive! Thank you!

    • @AlexCarroll
      @AlexCarroll Před 3 měsíci

      Thanks for the feedback! Glad you found it helpful!

  • @bettycarter9321
    @bettycarter9321 Před 3 měsíci

    I'm looking for small piece of land in Vancouver BC

    • @AlexCarroll
      @AlexCarroll Před 3 měsíci

      Would you like the contact info of a great agent to help you in Vancouver? Send me an email: Alex.carroll@evrealestate.com

  • @thelakehouse206
    @thelakehouse206 Před 3 měsíci

    So informative! Thank you! Well done!

    • @AlexCarroll
      @AlexCarroll Před 3 měsíci

      Thanks for the feedback! You’re welcome!

  • @PriomCAN
    @PriomCAN Před 3 měsíci

    Nice home in a nice neighborhood! I am moving to BC next month and not planning to rent more than 6 months because I would like go for a purchase as soon as possible. I planned the purchase near White Rock area initially because we love to be beside ocean and nature, and neighborhoods with good schools but since I started watching your videos, my perspective is changing lol. So I was looking for a minimum 3 bed rentals (furnished as I don't want to rent more than a year) near Victoria until I buy but seems like such rentals are very limited in there from the various listing sites I visited although there are plenty in the mainland. Let me know if you can help me in getting such furnished rentals initially from around June. Thanks a lot.

    • @AlexCarroll
      @AlexCarroll Před 3 měsíci

      Send me an email! alex.carroll@evrealestate.com

    • @PriomCAN
      @PriomCAN Před 3 měsíci

      @@AlexCarroll Thanks. I will contact you closer to my moving date

  • @mikehennessy6766
    @mikehennessy6766 Před 3 měsíci

    i found victoria really boring. the downtown was so lack luster considering how much money that city prbly has. the only thing it has going for it is the weather. I like mainland BC so much better than the island

  • @AlexSuperTramp-
    @AlexSuperTramp- Před 3 měsíci

    Love how specific you are! Grew up and lived in Vancouver, my family is moving to the island so I will follow soon. Thank you for helping me learn the different areas. Currently looking at detached in Quadra Hillside area

    • @AlexCarroll
      @AlexCarroll Před 3 měsíci

      Hey Alex, thanks for the feedback! Don't hesitate to reach out with any other Victoria questions!

  • @AnamariaArasiaa-ef3ls
    @AnamariaArasiaa-ef3ls Před 3 měsíci

    Me interesa de un casa de afito Ana Maria

  • @jasonarthurs3885
    @jasonarthurs3885 Před 3 měsíci

    Viv West Park also hosts the Memorial Day Drag baseball game.

  • @jasonarthurs3885
    @jasonarthurs3885 Před 3 měsíci

    The China/Mystic Beach region is transporting.

  • @jasonarthurs3885
    @jasonarthurs3885 Před 3 měsíci

    Gowland Todd is incredibly underrated.

  • @jasonarthurs3885
    @jasonarthurs3885 Před 3 měsíci

    Thetis Lake is within spitting distance of my front door; it's a gem.

  • @AlexSuperTramp-
    @AlexSuperTramp- Před 3 měsíci

    I thought you grew up in Esquimalt :P

    • @AlexCarroll
      @AlexCarroll Před 3 měsíci

      You thought wrong! But I do love it here in Esq!

  • @JS-jh4cy
    @JS-jh4cy Před 3 měsíci

    Short term things are fucked, long term things are fucked

  • @imageitinerary
    @imageitinerary Před 4 měsíci

    nice shots mate

  • @afoolandhismoneychannel
    @afoolandhismoneychannel Před 4 měsíci

    Greetings from Sidney. We're full, don't move here. 😅

  • @exposingproxystalkingorgan4164

    Greater Victoria cost too much, crappy job selection, everyone is cliquey and anti social. The place is great for you if you like to sit at home every day, know nobody, live poor, and watch your career die. Corporate types are sent into Victoria exile because they want to get rid of them at any other office.

  • @udinbata
    @udinbata Před 4 měsíci

    2:34... you guys need to get rid of this...

    • @AlexCarroll
      @AlexCarroll Před 4 měsíci

      Sorry what do you mean by this?

    • @udinbata
      @udinbata Před 4 měsíci

      @@AlexCarroll I meant the current government,..

  • @udinbata
    @udinbata Před 4 měsíci

    YOu need to get rid of Trudeau,..

  • @anitavirginillo
    @anitavirginillo Před 4 měsíci

    I actually just walked around Uplands this very afternoon. It's lovely.