Welcome back September! Summer might be coming to an end, but this is one of the best times of the year. The weather is still fantastic and the leaves start to change, bringing new colours for us to enjoy in our beautiful city!
As the weather shifts, so does the real estate market, which means that it is time to change your home-buying strategy. Be sure to read our Tips to Buying a Home in 2022 article below!
As always, we are here to answer any questions you have about the real estate market so please do not hesitate to connect with us.
Ally and Dennis
Less pressure on buyers in August in the Victoria real estate market
September 1, 2022 A total of 478 properties sold in the Victoria Real Estate Board region this August, 42.5 per cent fewer than the 831 properties sold in August 2021 and a 6.3 per cent decrease from July 2022. Sales of condominiums were down 57.1 per cent from August 2021 with 148 units sold. Sales of single-family homes decreased 30.3 per cent from August 2021 with 249 sold.
“August is typically one of the slower months for real estate in the Greater Victoria area and this year was no exception,” says Victoria Real Estate Board President Karen Dinnie-Smyth. “After two years of market conditions that favoured home sellers, sales have diminished in the past few months and inventory levels have been slowly increasing.”
See the full report HERE.
|With December slowly approaching, CFAX Santas Anonymous Society is one of Greater Victoria’s longest running children’s charities, working diligently to serve families with children in need. It provides much-needed funding for projects and programs that support children, youth (17 and under), and families in Victoria. If you would like to help and contribute there are other options other than donating like volunteering and fundraising whether that’s you creating a fundraiser or finding a fundraiser to join. Click the image below to find out more information on how you can give back to children in need and make their holidays something they truly will remember forever.
Rising interest rates have a significant impact on lending and home prices across the country. So what is the best way forward for prospective home buyers as the cost to borrow climbs? Read on for our advice on how to buy property in this market.
1. Timing the Market
Unfortunately, there is no such thing as timing the market as it is always changing. With that being said, if you need to upsize, downsize, or have secured a down payment and are ready to make the move; don’t put off the decision with hopes that you’ll get a better deal next month or next year. We can always reevaluate your real estate strategy to make sure that you are making the best possible investment.
2. Keep a Realistic Budget
There are plenty of online calculators that will help you determine the budget you should set for your home purchase. We can help you understand the affordability factor too! The great news about this market is that listing prices are coming down so you may be pleasantly surprised with how far your dollar will go.
3. Talk to A Loan Expert
There are many different types of loans out there and a loan or mortgage broker will know of all the options. Together you can determine which option is best for your unique financial situation and goals. If you don’t know anyone, we can help with that too!
4. Widen Your Search
By that we mean, don’t stick with a small section of the city unless it’s absolutely necessary. There are so many wonderful options in the suburbs and surrounding area that could be perfect for you. Additionally, keep an open mind about the type of home you want. Certain factors are going to be non-negotiable like how many bedrooms you need and whether or not a yard is something you can’t live without, but the style of the home that’s right for you could be a surprise.
With these tips (and us to help you), your home search can be done!