As we approach the fall market, we're seeing some interesting shifts in our provincial and local real estate landscape. The recent consecutive Bank of Canada interest rate cuts have begun to stimulate sales activity, although levels remain slightly below those of last year at this time.
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One of the most notable trends is the current inventory of active listings, which has reached its highest point in over five years. While some of this increase is due to slower sales rather than an influx of new listings, Vancouver Island markets, including the Gulf Islands, have seen a substantial rise in new properties coming to market.
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Despite these changes, the market remains in balanced territory. This means we're not seeing conditions heavily favoring either buyers or sellers at the moment. Home prices have been relatively stable since 2023, trending sideways, and are slightly lower than the same time last year.
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Looking ahead, the Bank of Canada's next interest rate announcement is scheduled for September 4th. With Canadian inflation at its lowest level since March 2021, economists are predicting a third consecutive rate cut. This could further stimulate buyer activity just as we enter the traditionally busy fall market.
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To gain a more comprehensive understanding of how the current market dynamics may impact your particular real estate goals, don't hesitate to reach out to me.
Gina Jacobsen, PhD
REALTOR®
(604)961-1322
ginajacobsen.com
Sources:
British Columbia Real Estate Association Economics
Victoria Real Estate Board MLS® STATISTICS
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