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Victoria BC Home Prices Drop 19%!
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- čas přidán 1. 12. 2022
- In this Victoria, BC real estate update for December, 2022, we look at the biggest month over month drop yet in Victoria home prices!
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I think you're a bit overly optimistic about future price support. Prices are being supported now because people believe a 'spring recovery' is coming. For that to happen, interest rates don't need to stabilize, they need to decline back down to a 0.25% policy rate. That's obviously not going to happen. Long and short, interest rate hikes have not been priced in yet. I would expect another 20-30% decline coming in the next 2 years.
Hi Trevor, 20-30% decline is possible but I don't think it will drop that far. Maybe in Ontario, but Victoria is fairly insulated/propped up by new folks moving to the island. We will see!
@@IraWilley Maybe - but no one will move to the island if prices are out of line. There are limits. We also have a ton of gov workers who's pay raises are below inflation and a bunch of blue hairs that will need to cash out sooner or later. We will see!
@@shawtvision If an earthquake that size hits, real estate prices will be the last of our worries :)
Good job!
Island is an attractive place because the real estate is/ was relatively cheaper. If the main land real estate comes down near Island level then folks would prefer main land which means the prices will come down here as well.
Victoria is a bit cheaper than the main land but not much. Rent prices are similar. I think there are other draws (slower pace of life) on the island as well. Nice to hear from you!
Interest rates are going up. Canada is in for one big correction. Tik tok baby, tik tok.
tic tok
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