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
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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
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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
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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
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