December 2023 Market Update
The real estate market has seen a modest dip in sales last month, which is to be expected given the current interest rate climate. Sales are below long-term averages, but a decrease in sales is consistent with the seasonal pattern typical for this time ofyear. We're experiencing a substantial 25% increase in listings compared to this time last year, signifying a welcome recovery from a prolonged period of low inventory.
The transition to a more balanced market is benefitting both sellers and buyers in Greater Victoria. Homeowners considering a move have been hesitant due to low inventory, but are now feeling more confident listing their properties with an expanded selection to choose from for their next home. The decline in sales spans all property types in Victoria.
Local market activity is impacted by low interest rates, and significant provincial developments such as short-term rental restrictions and zoning reform are introducing complexities to market dynamics.
If you'd like to discuss the real estate market in greater detail, or have questions about strategizing your move, please don't hesitate to reach out anytime. I'm here and happy to help!
Support Local
A few of my favorite local business to recommend during the holiday season.
1. Little Wildinglings
https://littlewildings.ca
2054 Otter Point Rd, Sooke
The cutest and most thoughtful shop for the little ones in your life! Little Wildlings offers both pre-loved and brandnew clothing, toys, stuffies, games, and more.
2. Working Culture
https://www.workingculturebread.com
2506 Douglas St, Victoria
The folks at Working Culture make the best organic sourdough bread, delicious pastries, treats, and sandwiches using only real ingredients! Their products are handmade with a focus on local sourcing and seasonality.
3. The Market Garden
https://rttownsend.com
810 Catherine St, Vic West
The loveliest, warmest, and most unique grocery/ gift/ flower shop! The Market Garden prides itself on offering unique products, a beautiful shopping experience, and great value to all guests. Do yourself a favor, and check these guys out!