2 minute read
What is Happening in the Real Estate Market
Facing Financial Fear and Finding Freedom
Workshop January 17, 24, 31, Feb 7, 14, 2023 Tuesdays 5:30 – 8 pm
Topics include shift ing fi nancial thinking, saving not just talking about it, building a budget, and managing mental health around fi nancial stress. Cost is $10 to reserve a seat Contact us to register COWICHAN FAMILY LIFE
#28, 127 Ingram Street (next to Merit Home Furniture) Phone 250-748-8281 email: cfl a@cowichanfamilylife.org Visit our website and our Facebook page! www.cowichanfamilylife.org
We gratefully acknowledge funding support from BC Community Gaming
What is Happening in the Real Estate Market?
Vancouver Island residents have seen many changes in the real estate market the last two years. Influences were the Covid-19 Pandemic, low interest rates and low housing supply that caused rapid home sales and fuelled price increases, until the summer of 2022. The markets have now softened and recovered to pre-pandemic levels of sales. This is partly due to Bank of Canada interest rate increases, which were intended to flatten home prices and decrease the rate of inflation across Canada.
What does this mean for current and forecasted home sales on Vancouver Island? The real estate market has changed on Vancouver Island and currently favours buyers. With change there is opportunity! Rising interest rates will cause some buyers to sit on the sidelines and wait. While other well prepared buyers may find great opportunities with the current higher inventory of homes and motivated sellers.
If you are thinking of buying a home, it is a good idea to be financially well prepared to be ready to take advantage of buying opportunities. There may be one or more interest rate increases in the next year, so consult with your mortgage professional first.
If you are thinking of selling your home and have time on your side, speak to your realtor about how to to prepare your home for sale and be ready for an early spring surge of sales and eager buyers. At the slightest indication of interest rates stabilization, buyers, who are waiting on the side lines will come back to the market in early spring 2023. At that time there may be pent-up demand for homes that will favour sellers. If you are considering selling your home, call me or talk to your Realtor about the best timing that favours your situation.
I would be happy to advise you on the best strategy for your purchase or sale. In the meantime, enjoy your home this holiday season.
