Despite a slower spring in terms of sales compared to the previous year, the market has shown resilience with steadily increasing sales.
A notable trend is the rise in inventory levels, which have reached their highest point since 2019. The increase in available properties, which is slightly offset by increasing sales, has played a crucial role in maintaining market equilibrium.
The consistent balance observed since autumn has had a stabilizing effect on prices, which have shown little appreciation.
Potential buyers may find the combination of relatively stable prices and increased inventory particularly advantageous. This scenario offers a wider selection of properties without the pressure of rapidly escalating prices, potentially creating a favorable buying environment.
Conversely, sellers may also find the current market dynamics appealing. The Bank of Canada's recent policy decisions, specifically two reductions in the policy interest rate, are expected to stimulate buyer activity. This, coupled with suspected pent-up demand, suggests that the market may be poised for increased sales activity. Consequently, sellers contemplating listing their properties may find the timing opportune.
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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