Hello Victoria! I’m bringing you the latest insights into how the Bank of Canada's recent announcement might affect your real estate journey.

After an unprecedented series of seven consecutive interest rate cuts, the Bank of Canada has today decided to hold its key policy rate at 2.75%. This marks a pause in the rate-cutting cycle we've experienced since last summer, and it naturally brings questions for both current homeowners and those looking to buy or sell in our vibrant Victoria market.

So, what does this hold mean for you?

• For Variable-Rate Mortgage Holders: The good news is that your interest rate and mortgage payments will remain unchanged for now. If your mortgage fluctuates with the prime rate, you can expect continued stability until the Bank of Canada's next announcement.

• For Fixed-Rate Mortgage Holders: While there's no immediate impact on your current payments, this pause suggests that future rate decreases, should they occur, could translate to lower rates when it's time for your mortgage renewal.

• For Those with Lines of Credit or Other Prime-Linked Loans: You'll see your interest charges remain steady, as the prime rate is expected to hold at 4.95% at most lenders, with TD Bank's mortgage prime rate staying at 5.10%.

Looking Ahead:

All eyes are now on June 4, 2025, the date of the next Bank of Canada rate decision. Economists will be closely analyzing upcoming economic data and inflation trends to gauge whether this pause is temporary or signals a longer-term shift in monetary policy.

Navigating Your Real Estate Future:

Understanding the nuances of interest rate decisions and their potential impact on your real estate plans is crucial. Whether you're considering buying your first home, looking to sell your current property, or simply want to explore your options in light of this announcement, I'm here to provide clarity and expert guidance.

And speaking of expert guidance, navigating the mortgage landscape can feel overwhelming. If you're looking for assistance with a mortgage renewal or are considering a purchase and need trusted advice, ask me to introduce you to the fantastic Paul Macara. He's a seasoned professional who can help you understand your best options in this evolving economic environment.

Don't hesitate to reach out with any questions you may have. I'm always happy to help you make informed decisions and achieve your real estate goals right here in beautiful Victoria!

Jacqueline Ross, REALTOR® 
Coldwell Banker Oceanside
(250) 415-5656
jac@yourvanislehome.com
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Victoria Real Estate Market Stable in the Face of Uncertainty
The Victoria real estate market demonstrated resilience in March 2025, maintaining a stable and balanced state despite ongoing global economic uncertainties. According to the Victoria Real Estate Board, a total of 613 properties changed hands in the region this past March, marking a 4.3 per cent increase compared to the 588 sales recorded in March 2024 and a significant 16.1% jump from February 2025.

Here's a quick look at the average prices in the Victoria Core:
* Single Family Detached Homes: $1,283,842
* Townhomes: $804,796
* Condos: $642,059

Breaking down the sales by property type, condominiums saw a notable surge in activity, with 202 units sold, representing a 14.1% increase from March of the previous year. The single-family home market also experienced positive growth, with 292 sales, a 2.1% rise compared to March 2024.

"The economic uncertainty the world faces right now certainly colours our local real estate market," commented 2025 Victoria Real Estate Board Chair Dirk VanderWal. "In spite of this, our market remains as it has in recent months - stable and balanced. Inventory levels this past month held steady at over three thousand listings, which meant that there was a good amount of selection for buyers, while relatively flat pricing meant more predictability for sellers and buyers."

The number of active listings on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2025 stood at 3,023. This represents a substantial increase of 14.9% from the 2,631 listings in February and a 14.2 per cent rise from the 2,647 active listings available at the end of March 2024.

Chair VanderWal further noted, "As in past months, the balanced market in March softened the demand-side pressures of markets we've seen in recent years. There is more time for decision making, which is a positive aspect for both sellers and buyers. Thoughtfully priced and presented homes are selling well and we do see instances of multiple offers, which is often a hallmark of the spring market. For the best outcomes in your property search or sale, connect with your favourite local REALTOR® to navigate the current market."

Looking at benchmark pricing in the Victoria Core, the Multiple Listing Service® Home Price Index benchmark value for a single-family home in March 2025 reached $1,335,300, a 3.6% increase from the $1,288,400 recorded in March 2024 and up from February's $1,309,500. The benchmark value for a condominium in the Victoria Core area saw a more modest increase, reaching $560,400 in March 2025, a 0.4% rise from $558,200 in March 2024 and an increase from February's $551,900.

Local Market Activity
Across southern Vancouver Island, we've seen great turnouts at open houses for single-family detached and townhomes in the $900,000 to $1.3 million range. Many of these sales were competitive due to multiple bids on listings. The recent decrease in interest rates has made this segment of the market very attractive to buyers, especially for properties that could provide rental income.

Navigating the Victoria Real Estate Market
The current stability of the Victoria real estate market presents both opportunities and considerations for buyers and sellers. With a healthy inventory and more balanced conditions, now is an opportune time to make informed decisions. 

Whether you're looking to buy your dream home or sell your property for the best possible price, having expert guidance is crucial. Contact me today to discuss your real estate goals and navigate the Victoria market with confidence.

Jacqueline Ross, REALTOR® 
Coldwell Banker Oceanside
(250) 415-5656
jac@yourvanislehome.com
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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
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