The Blog

Buying a strata property can be an exciting step towards homeownership. However, it's crucial to remember that along with your mortgage payment, property taxes, and utilities, you'll also have monthly strata fees. These fees cover a range of expenses related to the upkeep and maintenance of the building and common areas. Failing to factor in these fees can significantly impact your monthly budget and potentially strain your finances.

What are Strata Fees and What Do They Cover?

Strata fees are a recurring monthly charge levied on each strata lot owner within a strata corporation. These fees contribute towards various expenses, including:

• Building maintenance: This includes routine maintenance tasks such as landscaping, cleaning common areas, and repairs to the building structure.

• Insurance: Strata fees often cover building insurance, which protects the building and common areas from damage or loss.

• Amenities: If your building has amenities like a gym, pool, or party room, the fees will contribute to their maintenance and upkeep.

• Reserve fund contributions: A portion of your strata fees goes towards a reserve fund, which is used for major repairs and replacements, such as roof replacements or elevator upgrades.

• Property management: If your building has a property manager, their salary and administrative costs are typically covered by strata fees.

Why are Strata Fees Important for Your Budget?

Strata fees can vary significantly depending on the size of the building, the age of the building, the amenities offered, and the quality of building management. It's essential to consider these fees as a non-negotiable part of your monthly housing costs.

Here's a simple breakdown of how to factor strata fees into your budget:

1. Estimate your monthly mortgage payment: Use an online mortgage calculator to determine your estimated monthly mortgage payment based on the purchase price, interest rate, and loan term.

2. Calculate property taxes: Research property tax rates in the area and estimate your annual property taxes. Divide this by 12 to get your monthly property tax payment.

3. Estimate utilities: Consider your estimated monthly costs for electricity, gas, water, and internet.

4. Factor in strata fees: Obtain a copy of the strata corporation's financial statements to get an accurate estimate of the monthly strata fees.

5. Create a monthly budget: Add up your estimated mortgage payment, property taxes, utilities, and strata fees to determine your total monthly housing costs.

6. Factor in other expenses: Don't forget to include other essential living expenses such as groceries, transportation, and entertainment in your overall budget.

Tips for Budgeting Effectively:

• Review your strata corporation's financial statements: This will give you a better understanding of how your strata fees are being used and whether there are any upcoming major expenses.

• Consider the long-term implications: Keep in mind that strata fees can increase over time due to factors such as inflation and the need for major repairs.

• Build an emergency fund: Having an emergency fund can help you cover unexpected expenses related to your strata property, such as special assessments or unexpected repairs.

By carefully considering strata fees and incorporating them into your monthly budget, you can make an informed decision about whether strata living is the right choice for you and ensure that you can comfortably afford your housing costs.

Ready to start your condo search? Contact me today for a personalized consultation and let's find the perfect home for you.

Jacqueline Ross 
REALTOR®
Coldwell Banker Oceanside
250.415.5656
YourVanIsleHome.com
Instagram | Facebook  
Get the newsletter!

Big news just dropped! The Bank of Canada has announced a decrease in the overnight rate, now set at 2.75% as of March 12th. If you're considering buying or selling in our beautiful city of Victoria, you're probably wondering how this impacts you. Let's break it down:  

For Victoria Home Buyers:

This rate cut is potentially fantastic news! Lower interest rates translate to lower mortgage costs, which can significantly increase your buying power. You might find yourself able to afford a larger property or simply enjoy more financial flexibility in your monthly budget. Now is an ideal time to revisit your pre-approval and see how this change affects your affordability.  

I can connect you with trusted mortgage professionals who can help you navigate this new landscape. They'll review your financial situation and ensure you're well-prepared for your home-buying journey.

For Victoria Home Sellers:

The rate cut will likely stimulate buyer activity, potentially bringing more people into the market. However, it's crucial to remember that Victoria still maintains a balanced market. This means strategic pricing is paramount.

Homes priced competitively are selling, while those priced above market value tend to linger, often leading to price reductions later. Accurate market analysis is more important than ever.

What This Means for You:

This rate cut is a significant shift that could directly influence your real estate plans. If you're considering a move, it's essential to understand how these changes impact your specific situation.

Ready for a Personalized Strategy?

Want to know exactly how the Bank of Canada rate cut affects your next real estate move? Let's schedule a consultation to discuss a personalized strategy tailored to your Victoria real estate goals.

Jacqueline Ross 
REALTOR®
Coldwell Banker Oceanside
250.415.5656
YourVanIsleHome.com
Instagram | Facebook  
Get the newsletter!

Spring is in the air, and so is the excitement of finding your dream home! 🌷 This is a prime time for the real estate market, but it can also be competitive. To help you navigate the spring home search with confidence, I've put together some essential tips and tricks.

1. Get Your Finances in Order 

• Pre-Approval is Key: Before you start your search, get pre-approved for a mortgage. This will give you a clear understanding of your budget and show sellers you're a serious buyer. I can point you to several professional mortgage brokers to find your best rate options.

• Down Payment & Closing Costs: Ensure you have your down payment and closing costs readily available.

2. Define Your Needs & Wants 

• Make a List: Create a list of your must-haves and nice-to-haves. This will help you narrow down your search and stay focused.

• Consider Your Lifestyle: Think about your lifestyle and what kind of home and neighbourhood will best suit your needs.

3. Find the Right Realtor (That's Me!)

• Local Expertise: A knowledgeable realtor with local expertise can make all the difference. I can provide valuable insights into the Victoria market and help you find the perfect home.

• Communication is Key: Choose a realtor who communicates effectively and is responsive to your needs.

4. Be Prepared to Act Quickly 

• Hot Market: In a competitive spring market, desirable properties can sell quickly.

• Stay Informed: Set up alerts for new listings and be prepared to view properties as soon as they become available.

5. Don't Skip the Inspection 

• Protect Your Investment: A thorough home inspection can uncover potential issues and save you from costly repairs down the road.

6. Embrace Flexibility 

• Be Open-Minded: Be open to considering different neighbourhoods or property types. You might be surprised at what you find.

7. Negotiate Strategically 

• Work with Your Realtor: I can help you craft a competitive offer and negotiate the best possible terms. I also have your back on a million other things during the buying phase.

Ready to Find Your Dream Home?

Spring is the perfect time to make your real estate dreams a reality. As your local Victoria Realtor®, I'm here to guide you every step of the way. Let's connect and find your perfect place!

Jacqueline Ross 
REALTOR®
Coldwell Banker Oceanside
250.415.5656
YourVanIsleHome.com
Instagram | Facebook  
Get the newsletter!

Spring is just around the corner—even if there’s still snow on the ground! As the weather warms up, many homeowners start thinking about renovations to refresh their space, improve energy efficiency, or add value to their property.

Whether you're upgrading your kitchen, adding a rental suite, or making energy-efficient improvements, there are several financing options to help make your project a reality.

According to Paul Macara, our trusted mortgage professional with Macara Mortgages at The Mortgage Group, one of the most cost-effective ways to fund a renovation is by leveraging your mortgage:

• Refinancing: If your home’s value has increased, you may be able to refinance your mortgage and access additional funds at a lower interest rate compared to personal loans or credit cards.

• Home Equity Line of Credit (HELOC): A HELOC allows you to borrow against your home equity, giving you flexibility to withdraw funds as needed during your renovation.

• Purchase Plus Improvements Mortgage: If you’re buying a home that needs work, this option lets you roll renovation costs into your mortgage right from the start.

• Renovation-specific loans: Some lenders offer loans specifically designed for home renovations, providing structured repayment terms and competitive rates.

Government Programs to Consider:

There are also government-backed programs designed to support home renovations:

• Greener Homes Loan: If you’re planning energy-efficient upgrades like new insulation, windows, or a heat pump, you could qualify for an interest-free loan of up to $40,000 through this federal program.

• Secondary Suites Loan: Homeowners looking to create a legal secondary suite may be eligible for financing assistance to help offset construction costs. This is particularly beneficial if you plan to rent out the space for additional income.

• Provincial rebates and incentives: Many provinces offer additional rebates and incentives for energy-efficient home upgrades, such as grants for solar panels, insulation, and high-efficiency heating systems. These programs vary by province and can help offset renovation costs significantly, making eco-friendly upgrades more affordable.

• Municipal incentives: Some cities and municipalities also provide rebates or financing for home improvements, particularly those focused on sustainability and accessibility. Paul Macara can share if there are any additional programs in your area.

Finding the Right Option for You:

• Each financing option has its benefits and requirements, so it’s crucial to find what fits your needs.

• Consider factors like interest rates, repayment flexibility, and eligibility criteria before making a decision.

• No matter the size of your project, the right financing can bring your vision to life without added financial stress.

Thinking about a spring reno? For more detailed information about mortgage financing for your spring renovations, connect with Paul Macara: (250) 857-4741, paul@macaramortgages.com or visit Macara Mortgages with The Mortgage Group to learn more.

Stay tuned for next month’s mortgage minute! If you need help with buying a home or getting your property ready for the market, reach out to me:

Jacqueline Ross, REALTOR® 
Coldwell Banker Oceanside
(250) 415-5656
jac@yourvanislehome.com
Instagram | Facebook  
Get the newsletter!

The Greater Victoria real estate market has shown remarkable stability in February, offering a balanced landscape for both buyers and sellers. According to the Victoria Real Estate Board, February saw a total of 528 properties sold, marking a 12.3% increase compared to February 2024 and a significant 25.1% jump from January 2025. This steady activity, coupled with a growing inventory, paints a promising picture for the local market.

Key Highlights from February 2025:

• Increased Sales: Overall property sales surged, with condominium sales experiencing a notable 26.3% rise from February 2024 (192 units sold) and single-family home sales increasing by 4.5% (234 units sold).

• Growing Inventory: Active listings reached 2,630 at the end of February, indicating a 9.8% increase from January and an 11.3% rise from February 2024.

• Balanced Market: The combination of increased sales and growing inventory has created a balanced market, fostering comfortable conditions for both buyers and sellers.

• Stable Price Appreciation: The benchmark value for a single-family home in the Victoria Core increased by 3.7% year-over-year, reaching $1,309,500. Condominium benchmark values experienced a slight decrease of 0.5% year over year, settling at $551,900.

What This Means for Buyers:

• More Options: The increase in active listings provides buyers with a wider selection of properties to choose from, increasing the chances of finding the perfect home.

• Stable Prices: Nearly two years of steady prices combined with recent favourable interest rates provide a degree of confidence for buyers.

• Balanced Market: A balanced market means less pressure and a more relaxed buying experience. Buyers have more time to make informed decisions.

• Favourable Interest Rates: Recent favourable interest rates help with affordability.

What This Means for Sellers:

• Increased Sales Activity: The surge in sales indicates strong buyer demand, increasing the likelihood of a successful sale.

• Growing Market: A healthy increase in sales from the previous year, and the previous month shows market momentum.

• Balanced Market: A balanced market allows sellers to achieve fair market value for their properties.

• Importance of Proper Pricing and Presentation: Well-presented and properly priced properties are crucial for success in the current market.

Looking Ahead:

The Greater Victoria real estate market appears to be following its typical early spring cycle, with expectations of peak activity in late spring. The hope is that increased inventory will continue to meet consumer demand. However, the market remains sensitive to global economic policy changes, underscoring the importance of staying informed.

Navigating the Market with a REALTOR®:

In today's dynamic market, having a knowledgeable and experienced REALTOR® is essential. I can provide invaluable guidance, help you understand market trends, and navigate the complexities of buying or selling a home.

Ready to discuss how these market trends impact your real estate goals? Contact me today for personalized advice and expert guidance.

Jacqueline Ross 
REALTOR®
Coldwell Banker Oceanside
250.415.5656
YourVanIsleHome.com
Instagram | Facebook  
Get the newsletter!

Spring is almost here, and that means the real estate market is heating up! 🌷 If you're thinking of selling your home, now is the time to get it ready for eager buyers. Here's your February checklist to maximize your sale price:

Declutter and Depersonalize

• Declutter EVERYWHERE: Buyers want to envision themselves in your space, not navigate through your belongings. Clear out closets, drawers, countertops, and any unnecessary furniture. Consider renting a storage unit if needed.

• Depersonalize: Pack away family photos, personal mementos, and anything that might distract buyers from seeing the home's potential.

• Deep Clean: A sparkling clean home makes a great first impression. Consider hiring professional cleaners for a thorough job. I can recommend some stellar cleaners!

• Organize Closets and Storage: Neat and tidy storage spaces show buyers that your home offers ample storage.

Boost Curb Appeal and Make Repairs

• Curb Appeal is King: First impressions matter! Tidy up the yard, clean up flowers and bushes, power wash the exterior, and ensure the front entrance is inviting.

• Minor Repairs Go a Long Way: Fix leaky faucets, touch up paint, and address any minor repairs that might deter buyers. Need a plumber? I’ve got several reputable and cost-effective recommendations.

• Stage for Success: Consider hiring a professional stager to showcase your home's best features and create an inviting atmosphere.

Price Right and Market Smart

• Pricing Strategy: Work with your realtor (me!) to determine the optimal listing price based on recent comparable sales and market conditions.

• Marketing Magic: High-quality photos and videos, virtual tours, and expertly targeted marketing will attract the right buyers.

Don't Wait, Get Started Today!

Click to get a free, comprehensive home evaluation and let's get your home ready for a successful spring sale! You’ll want to hear about the whole package and how I’ll leave no stone unturned to get you the most for your home this spring!

Free Home Evaluation

Jacqueline Ross, REALTOR®
Coldwell Banker Oceanside
250.415.5656
YourVanIsleHome.com
Instagram | Facebook  
Get the newsletter!

Spring is just around the corner, and so is the HOT real estate market on Vancouver Island! Are you ready to make your dream of homeownership a reality? This guide will walk you through the essential steps to prepare for a successful spring home search.

The spring market often sees increased competition, so being prepared is key. Let's dive into what you need to do:

1. Get Pre-Approved for a Mortgage:

Knowing how much you can afford is KEY to a successful home search. Getting pre-approved for a mortgage is the crucial first step. It shows sellers you're a serious buyer and gives you a clear budget to work with. Don't skip this! I can recommend professional mortgage brokers to work with.

2. Gather Your Funds:

Start saving for your down payment and deposit NOW! Having your finances in order will make the process smoother and more competitive. Every little bit counts! 

3. Connect with a Realtor (That's Me!):

A good realtor is your best ally in this market. I can help you navigate the often complex process, find the right properties that match your needs and budget, and negotiate the best deal. Let's chat! I'm here to guide you every step of the way.

4. Educate Yourself About the Market:

Understanding the home-buying process is crucial. From current market trends to legal considerations, being informed empowers you to make confident decisions. I'm here to answer all your questions! Knowledge is power in the real estate market.

Ready to Make Your Spring Real Estate Dreams a Reality?

I can connect you with trusted mortgage brokers, lawyers, home inspectors, and other professionals you'll need for a smooth transaction. Let's work together to find your perfect place on Vancouver Island! Contact me today to get started! ➡️ 250.415.5656 | jac@yourvanislehome.com | www.yourvanislehome.com

To learn more before we chat, download your FREE home-buying guide right here.

The Victoria real estate market has started 2025 with a healthy balance of inventory and stable prices. This positive start signals a promising year for both buyers and sellers in the Greater Victoria Area.

A total of 422 properties were sold in the Victoria Real Estate Board region this January, a significant 23.8% jump from the 341 properties sold in January 2024 and a slight 0.2% increase from December 2024. This strong performance reflects growing market momentum.

Breaking down the sales figures, condominiums saw a 30.4% increase from January 2024, with 146 units sold. Single-family home sales also rose, with a 19.8% increase from January 2024, totalling 194 sales.

“We’ve seen a strong handoff from the December market to January with a good sense of momentum building,” said 2025 Victoria Real Estate Board Chair Dirk VanderWal. “Over the course of the month, we saw an uptick in new listings, and it is the first time in ten years that over one thousand new listings were added to our inventory in January. This is a positive sign for our market as we head into 2025.”

Adding to the positive news, there were 2,395 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2025. This represents a 4.6% increase compared to December and an 11.9% increase from the 2,140 active listings at the end of January 2024.

“The overall housing market in the Greater Victoria Area continues to show signs of balance,” adds Chair VanderWal. “There are strong fundamentals underpinning our market. Pricing remains stable, inventory levels are favourable when compared to recent years, and interest rates continue to trend in a positive direction for consumers. Of course, there may be uncertainty in the coming months as international trade relationships are tested, so we will track if these deliberations impact the market moving forward. As always, buying or selling your home is one of the largest financial decisions you’ll make, and your favourite local REALTOR® is your best resource to help you navigate the process.”

Looking at benchmark prices, the Multiple Listing Service® Home Price Index benchmark value for a single-family home in the Victoria Core in January 2024 was $1,252,200. In January 2025, this value increased by 2.8% to $1,287,200, although it’s down slightly from December’s value of $1,306,400. For condominiums in the Victoria Core, the benchmark value in January 2024 was $551,900. In January 2025, it decreased slightly by 0.7% to $548,100, up from December’s value of $547,800.  

This January 2025 Victoria real estate market update presents a mixed bag of news, offering both opportunities and considerations for home sellers and buyers:

For Home Sellers:

• Positive Signs: The increase in sales volume and new listings suggests a healthy level of market activity. This means there are more potential buyers out there, which is good news for you if you’re selling. The stable pricing also indicates that while the market isn't skyrocketing, it's holding its value.

• Competition: The significant jump in new listings (over 1,000 in January) means increased competition. To stand out, you need to ensure your property is priced competitively and in top condition. Professional staging and high-quality photography are more important than ever—I can help with outstanding marketing.

• Strategic Pricing: While prices are stable, they are slightly down from the previous month. Work closely with me to determine the optimal listing price that attracts buyers without undercutting your potential profit. Overpricing could lead to longer days on market.

• Market Awareness: The chair's comments about potential uncertainty due to international trade relations are worth noting. Stay informed about any developments that could affect the market, and be prepared to adjust your strategy if necessary.

For Home Buyers:

• More Choices: The increase in active listings means buyers have more inventory to choose from. This gives them more negotiating power and time to find the right property.

• Stable Prices: Stable prices provide a degree of predictability for buyers. You can be more confident in their budget and less worried about rapidly escalating prices.

• Favourable Inventory: The current inventory levels are considered favourable compared to recent years. This is a positive for buyers who have been struggling with low inventory in the past.

• Interest Rate Watch: While interest rates are currently trending positively, buyers should still carefully consider their affordability and get pre-approved for a mortgage to know their budget limits.

• Act Fast (But Wisely): While inventory is better, the increased sales volume shows that the market is still active. Don’t be too complacent, and be prepared to act quickly when you find a property you like! However, don’t rush into a decision without doing your due diligence.

In summary, the market presents a balanced scenario. Due to increased competition, sellers need to be strategic with pricing and presentation, while buyers benefit from more choices and stable prices. Both buyers and sellers should stay informed about market trends and work closely with a knowledgeable real estate professional to navigate the market successfully.

Contact me today for a personalized consultation:

Jacqueline Ross
REALTOR®
Coldwell Banker Oceanside
250.415.5656
jac@yourvanislehome.com
YourVanIsleHome.com
Instagram | Facebook  
Get the newsletter!

For Home Sellers:

• Curb Appeal: While we don't typically have snow to clear, maintaining curb appeal is still crucial. Focus on:

  • Cleanliness: Power washing siding, decks, and walkways to remove any accumulated dirt, moss, or algae that’s built up.

  • Landscaping: Pruning overgrown shrubs and trees, removing fallen leaves, and ensuring the lawn is tidy (even if it's not actively growing).

  • Exterior Lighting: Ensuring outdoor lights are functioning properly to enhance visibility and security during shorter daylight hours.

  • Gutters and Downspouts: Cleaning gutters and downspouts to prevent water buildup and potential damage from winter rains

• Creating a Warm and Inviting Atmosphere Indoors:

  • Cozy Lighting: Using warm-toned lighting and strategically placed lamps to create a welcoming ambiance.

  • Fresh Air: Opening windows briefly on drier days to ventilate the home and eliminate any musty winter smells.

  • Cleanliness and Organization: A clean and organized home always shows better, regardless of the season. Focus on decluttering and deep cleaning.

Seasonal Home Maintenance:

• Checking for Moisture: Inspect for any signs of leaks or moisture buildup around windows, doors, and foundations due to increased rainfall.

• Heating System Maintenance: Ensuring the furnace or heat pump is functioning efficiently. Consider a professional tune-up.

• Checking for Drafts: Sealing any drafts around windows and doors to improve energy efficiency.

For Home Buyers:

• Advantages of House Hunting in January (Vancouver Island):

  • Potentially less competition compared to peak seasons.

  • Opportunity to assess how a home handles winter rains and wind.

  • More focused attention from real estate agents during a typically slower period.

• Checking for Winter-Related Issues:

  • Moisture and Drainage: Pay close attention to drainage around the property and look for signs of water damage inside and out.

  • Roof Condition: Check for any signs of damage or leaks, especially after heavy rains.

  • Heating and Ventilation: Ensure the heating system is working efficiently and that the home is properly ventilated to prevent moisture buildup.

  • Foundation and Crawl Space: Look for signs of moisture or structural issues.

Contact me for a personalized home preparation checklist. 

Jacqueline Ross
REALTOR®
Coldwell Banker Oceanside
250.415.5656
jac@yourvanislehome.com
YourVanIsleHome.com
Instagram | Facebook  
Get the newsletter!

Understanding Strata Ownership: A Guide for Victoria Home Buyers

Are you thinking about buying a home, condo or townhouse in Victoria with a strata? It's a great way to enjoy the benefits of homeownership without the hassle of maintaining a single-family home. However, there's one important thing to understand before you take the plunge: strata ownership.

What is Strata Ownership?

Strata ownership is a form of ownership where you own your individual unit within a larger building or complex. You also share ownership of the common property, which includes everything outside your unit's walls. This includes things like the building exterior (roof, walls, landscaping), shared amenities (pools, gyms), and building systems (plumbing, electrical). A strata can be associated with a single-family home, duplex or half duplex (freehold), row/townhome, or condominium.

The Strata Plan document outlines all of the details on who owns what—whether exclusive use or common shared ownership. In addition, the strata has a set of rules and by-laws that govern the use of the units and surrounding property. These types of documents—called supplements—can be found with the listing information accessed by Realtors.

What Does This Mean for You as a Homeowner?

As a strata owner, you are responsible for:

• The interior maintenance of your unit

• Your share of common expenses, which are covered by strata fees

• Potential special levies for major repairs

Common Misconceptions About Strata Ownership

One common misconception is that you are only responsible for what's inside your unit. The strata corporation handles everything outside. However, this is not the case. As a strata owner, you are jointly responsible for the maintenance and upkeep of the entire property.

Another misconception is that strata fees are a fixed cost. Strata fees can fluctuate depending on the needs of the building. For example, if the building needs a major repair, a special levy may be assessed to all owners.

Why Understanding Strata Ownership is Important

Understanding strata ownership is important for several reasons. First, it can help you avoid unexpected costs. If you are not aware of your responsibilities as a strata owner, you may be surprised by a special levy or a bill for repairs to the common property.

Second, understanding strata ownership can help you avoid disagreements with other owners. If you are not sure who is responsible for what, it can lead to conflict.

How to Get Informed About Strata Ownership

If you are considering buying a strata-managed property in Victoria, it is important to do your research on strata ownership. Here are a few tips:

• Read the strata documents carefully. These documents will outline the rights and responsibilities of owners, as well as the rules and regulations of the strata corporation.

• Attend strata meetings. This is a great way to learn about the financial health of the strata corporation and any upcoming projects.

• Talk to me. I can help you understand the specific strata corporation for the property you are interested in.

Buying a home in Victoria? I Can Help!

If you are thinking about buying a condo or townhouse in Victoria, I can help. I’m an experienced professional who can help you understand strata ownership and find the perfect property for your needs.

Contact me today to learn more!

Jacqueline Ross, REALTOR®
250.415.5656
jac@yourvanislehome.com

I know you are curious about what's been happening in Victoria's real estate market, so I'm here to give you a clear picture of the latest trends. This post dives into the December 2024 sales activity and shares some important insights from the Victoria Real Estate Board Chair, Laurie Lidstone, on what we can expect in 2025.

December 2024 Market Highlights:

Let's look at the numbers:

• We saw a total of 421 properties sold in the Victoria Real Estate Board region this December.

• That's a 28% jump from the 329 properties sold in December 2023! That's great news!

• However, it's a 23.6% decrease from November 2024, showing the market is always dynamic.

• Condominium sales were up 25% from December 2023, with 135 units sold.

• Sales of single-family homes also increased by 20.9% from December 2023, with 191 sold.

• Over the entire year of 2024, a grand total of 6,893 properties changed hands—an 11% increase from the 6,207 sold in 2023.

What This Means for You (Buyers & Sellers):

I want to break down what these numbers mean for you, whether you're looking to buy or sell:

For Buyers:

• The increased sales activity tells me the market is active. This is great for choice, but be prepared to act fast on properties you love.

• Inventory is still relatively low, which can mean more competition for desirable homes. Let's work together to make your offer stand out.

• Recent government changes, like extended amortization periods for first-time buyers and adjustments to property transfer tax thresholds, are aimed at making homes more attainable. Let's explore how these can benefit you.

For Sellers:

• The good news is that prices have been relatively stable for the past two years, providing a more predictable market for you.

• The low inventory could work in your favour if demand picks up, which could put upward pressure on prices.

My Take on 2025 (and What the VREB Says):

Laurie Lidstone, the 2024 Victoria Real Estate Board Chair, summed it up well: "2024 was a fairly calm year for local real estate...a year of stability and predictability." This is exactly what we want for a healthy market! The VREB also mentioned that consistent interest rates will help people make moves. I agree – stability is key.

The VREB is also advocating for gentle density development, which will help with our long-term inventory challenges.

My Advice:

The market is influenced by many factors, and predicting the future is impossible. But with consistent interest rates and the possibility of increased demand against limited inventory, it is key to be prepared.

Call to Action:

Whether you're thinking about buying or selling in 2025, I'm here to help you navigate this complex market. As your local expert, I can create a personalized strategy for you and your property.

Contact me today for a free consultation!

A Few More Numbers:

• At the end of December 2024, there were 2,290 active listings. This is down 19.3% from November but up 7.4% from December 2023.

• The benchmark price for a single-family home in the Victoria Core in December 2024 was $1,306,400, a 2.7% increase from December 2023 ($1,272,000) and a slight 0.3% increase from November.

• The benchmark price for a condo in the Victoria Core in December 2024 was $547,800, a 1.6% decrease from December 2023 ($556,500) but a slight 0.6% increase from November.

Stay in the loop! Subscribe to my newsletter for more market updates and local insights!

I'm here to help you achieve your real estate goals in Victoria!

– Jacqueline Ross

Jacqueline Ross
REALTOR®
Coldwell Banker Oceanside
250.415.5656
jac@yourvanislehome.com 
YourVanIsleHome.com
Instagram | Facebook  Get the newsletter!

Keeping you informed on the latest mortgage rate trends and policy changes.

Bank of Canada Rate Announcement: The Bank of Canada lowered its key interest rate by half a percentage point today but signalled a slower pace of rate cuts moving forward.

The decision marked the fifth consecutive reduction since June and brought the central bank's key rate down to 3.25%. Read more about this here.

If you’re buying, lower interest rates can lead to more affordable mortgage payments, making it easier to qualify for a mortgage and purchase a home.

Our trusted mortgage partners are ready to help you understand the changes affecting your purchase or renewal. Send me a message if you'd like a referral to a mortgage broker.

Jacqueline Ross, REALTOR®
Coldwell Banker Oceanside
250.415.5656
YourVanIsleHome.com
Instagram | Facebook  
Get the newsletter!