The Test for the Victoria BC Real Estate Market

I believe the spring market will be the ultimate test for the Victoria BC Real Estate Market. From peak optimism to peak pessimism in real estate in 2022 that brought home prices from historic highs through a historic reset in Canada, we have reached a stability point as 2023 has begun.
Seasonal inventory fell as we entered the fall/winter markets and although demand was sluggish at times, the Victoria housing market has shown its resilience since October 2022. Real estate prices have stabilized in Victoria BC Housing as a consequence of limited inventory. So what’s on the horizon?
The spring market will be the next big test for the direction of real state prices in British Columbia, Canada. Will seasonal trends of new listings also mean enough demand comes back to help support house prices? I don’t believe that buyer demand in an environment of elevated mortgage rates (brought on mostly by inflation and Tiff Macklem/Bank of Canada response to it) will be able to stem the tide.
However, there are some positives that seem to be eliminating much of the doom and gloom that has permeated Canadian Real Estate for the last 12 months. The Bank of Canada has signalled a pause, but recent jobs reports may cause some to question that. For that same reason, bond yields have risen since I began editing this video which could pause any dips in interest rates (fixed rate mortgages).
What do you think will unfold in the Spring market in 2023?
1) Prices stabilize?
2) Bull market?
3) More downside?
4) Home prices fall more than 20%?
Let me know in the comments below and don’t hesitate if you have ay questions about Victoria BC Real Estate as it relates to Vancouver Island Real Estate, Canadian Real Estate investing, and Canadian Finance. Feel free to reach out to me directly as well, I would be happy to answer your questions about Vancouver Island and the Victoria Housing Market.
Timeline:
00:00 Intro
00:47 Stats & Takeaways
02:45 Themes
05:57 OSFI proposals
06:54 Outro
______________________________________
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 Realtor
Engel & Völkers Vancouver Island
[e-mail]
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.
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#VictoriaBC #VictoriaBCRealEstate #VictoriaHousingMarket

[@AlexCarroll]

What are you expecting for our Spring market in Victoria BC? Let me know in the comments!

[@GenXnation1]

Great content and I like the focus on Victoria. I am now subscribed..

[@AlexCarroll]

Thanks Jeff. Appreciate the feedback. Welcome aboard

[@monkeytennis2482]

HI Alex, Ive enjoyed a lot of your content about Victoria, I live in the UK and Im thinking of moving to Victoria in 2025/2026

[@AlexCarroll]

Thanks for that feedback! The city looks forward to welcoming you! Don’t hesitate to reach out if you have more specific questions ([e-mail])

[@humakhan2529]

Glad to see someone talking about victoria...nice information.. also, what will be the average estimated price for 2 bed 2 bath condo

[@AlexCarroll]

Hi Huma, at the moment, the average sale price of a 2 bedroom 2 bathroom condominium in Greater Victoria is $654,000. However, there is a lot of variation by location and building. If you reach out to me via email I can provide some more accurate insights based on your goals. Thanks [e-mail]

[@humakhan2529]

@Alex Carroll in Victoria BC Thank you so much..I shall contact you soon

[@humakhan2529]

How do I contact you for any advice or purchase?

[@AlexCarroll]

Hi Huma, you can reach out to me by email at:
[e-mail]
Look forward to hearing from you

[@amoosavi]

Hopium? The recession hasn't even started yet

[@AlexCarroll]

Do you not feel my comments around the 5:00-5:20 mark identified this?
In this video I’m trying to use a base case that a “soft landing” of sorts is engineered and we don’t face a deep recession. To add to that, I’m only looking at the next few months and price direction as we enter the spring market.
Since I started this video inflation expectations have moved in the other direction (strong jobs and wage numbers) and bond yields have jumped back up. I’m not too tied to any prediction and have to be prepared to change perspectives and views as new information comes to light. Hopefully you appreciated me taking the time to put this video together and there was something of value for you all the same.