I’m here to help you understand the latest in our market, influenced by both recent federal developments and local trends.
Federal Election Impact on Housing & Mortgages: A Quick Look
Following the recent federal election where the Liberal Party secured a minority government, several housing-related promises are on the horizon. Key proposals include potential GST removal on new homes under $1 million for first-time buyers and significant investment in homebuilding, particularly for rental and affordable units.
While interest rates may see further easing later this year, economic uncertainties remain. The full impact of these policies will become clearer with the upcoming federal budget.
Victoria Real Estate Market: April 2025 in Review
April saw a total of 642 properties sold in the Victoria region, a slight decrease year-over-year but an increase from March. Condominium sales decreased, while single-family home sales remained relatively stable. VREB Chair Dirk VanderWal noted that federal election uncertainty and broader US economic concerns likely tempered the spring market, yet the local market showed "continued stability" with steady pricing and inventory.
Active listings rose to 3,425, indicating a balanced market with more options for buyers. While single-family homes in certain price ranges are in demand and may see multiple offers, the condo market has a larger supply. The benchmark price for a single-family home in the Victoria Core was $1,344,800 (a 3.3% annual increase), and for a condo, it was $566,100 (a 0.9% annual increase).
What This Means for Buyers
More inventory provides greater choice.
Price growth is relatively stable, though some competition exists for single-family homes.
Potential GST savings for first-time buyers on new homes are worth monitoring.
Explore various property types, as the condo market offers more options.
What This Means for Sellers
Strategic pricing and presentation are key in a balanced market.
Well-priced single-family homes in desirable areas can still see strong interest.
The condo market requires competitive pricing to attract buyers.
Be mindful of broader economic and political influences on buyer sentiment.
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, 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, I highly recommend connecting with Paul Macara and Dan Miller of The Mortgage Group. They are seasoned professionals 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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