The recent data from the Victoria Real Estate market paints a clear picture of the challenges faced by buyers and sellers alike. The decline in property sales this October, compared to both the previous month and the same period last year, is attributed to the rising interest rates, causing consumers to tread cautiously. The uncertainty surrounding the Bank of Canada’s rate announcement led some buyers to postpone their plans, reflecting the impact of monetary policy on market dynamics.
Despite the decrease in sales, there is a silver lining in the form of an increase in available properties for sale. With a 25.7 percent rise in active listings compared to last year, buyers now have a wider selection to choose from. This uptick in inventory could provide a boost to those looking to make a purchase in the coming months.
It’s worth noting the advice of Victoria Real Estate Board Chair Graden Sol, who suggests that even though the market tends to slow down in the colder seasons, there are still active buyers. Planning and strategy are key, and potential buyers and sellers are encouraged to consult with local REALTORS® to navigate the market effectively. Overall, the market’s resilience in the face of changing interest rates demonstrates the adaptability of both consumers and real estate professionals in Victoria.
October Stats
