Activity in the housing market has slowed from the frenzy we saw over a year ago, with inventory up and total sales down from 2022. But what does that really mean? And what do the current market conditions mean for the buyers and sellers in Victoria BC? According to Victoria Real Estate Board Chair Graden Sol:
“The market today is different than we have seen in recent years. There’s plenty of demand from buyers, and we are still low in inventory, but there are opportunities in a less pressurized environment for consumers to get into a new home. Most buyers will find they have more time to view homes, make decisions and do their due diligence in this somewhat more relaxed market.
Of course, we are heading into a new season which is typically very active. The statistics in this report reflect what happened last month. Prudent buyers and sellers will seek the knowledge of their Realtor to determine the up-to-the-minute conditions and how to best navigate the market.”
What Does This Mean for You?
With the supply of homes for sale growing at a healthy rate, it’s much harder for buyers to find one to purchase. This, along with increased sales this past winter, indicates an increase in buyer confidence that is extending into the spring housing market. Buyers entering the Victoria BC housing market this year can expect better options and more stable prices compared to the markets of recent years.
Bottom Line
Today’s buyers’ market holds great opportunities for homeowners ready to make a move. Partnering with the right real estate team will make a major difference in the kind of options and opportunities available to you. If you are ready to buy or sell in Victoria BC, give us a call!