Homes are spending more time on the market and real estate sales are moving at a slower pace in Victoria. So, what does this mean?
B.C.’s speculation tax, which will be imposed in the fall, is causing the market to cool down. Full details on the tax will be revealed this fall when the legislation is read into law. The new federal mortgage rule that came in early this year as well as the B.C.’s property transfer tax and foreign buyer tax have also caused a market cool down.
Even though home sales in Victoria and across Vancouver Island are moving at a slower pace this year, the average price hasn’t gone down. Buyers with a higher budget will have more choice and the ability to negotiate. At the same time the growth of demand for homes valued lower than $1 million continues to outpace the supply and the benchmark values continue to increase.
If you have any questions concerning the market or mortgages, please feel free to contact me at any time!