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Vancouver Island real estate market cooling off

The red hot real estate market in the Capital Region has cooled off since its peak this past March. Interest rate hikes have softened demand, causing some to be more reluctant to take on a mortgage, and turning the tide from a seller s market to a buyer s. ....

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House Hunting in Canada: Seclusion in the Forests of British Columbia

The Discovery Islands, off the coast of British Columbia, are luring a wider range of buyers who feel free to leave cities for more remote locales. ....

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Benchmark single-family home value in Greater Victoria core hits high of $1.161 million

The benchmark value for a single-family house in the core Victoria, Saanich, Oak Bay, Esquimalt and View Royal hit a high of $1.161 million last month, up from $932,200 in January 2021, says the Victoria Real Estate Board. ....

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On the Street: Dinnie-Smyth takes helm at VREB; new president at Sooke chamber

Karen Dinnie-Smyth of RE/MAX Camosun is the new president of the Greater Victoria Real Estate Board. Dinnie-Smyth has been a licensed Realtor for more than 30 years. ....

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Island home sales jump nearly 16 percent in 2020; no signs of cool-down this year

Island home sales jump nearly 16 percent in 2020; no signs of cool-down this year
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The real estate market is still sizzling and house prices continue to climb across Vancouver Island.
Last year, sales jumped nearly 16 percent from 2019, island-wide, and the average price of a single family rose to $587,085.
That’s nine percent higher than the previous year.
The COVID-19 pandemic hasn’t cooled the market anywhere on the island.
Vancouver Island Real Estate board president Erica Kavanaugh says there aren’t enough homes on the market to feed the needs of buyers.
“It’s definitely been an issue all throughout last year and I don’t have a direct cause,” she said. “Low mortgage prices, that makes a big difference but on the off side of that, qualification went up to a higher level. End of the day, we have more buyers than we have inventory.” ....

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