Victoria Real Estate Update - January Edition 2024

Little old Victoria keeps bucking the trend, with prices increasing year-over-year again. When reading the headlines from across Canada, it can be easy to think that our market has dropped, but SFD prices have slightly increased! (See HPI Graph below for context). If 2023 was about hitting the brakes with high interest, 2024 is about cautious optimism as 5 year fixed rates begin to creep down.

BC Property Assessments are out!

Property Assessments are out! WAIT Before you weep bitterly or jump for joy, please realize that this is not usually an accurate marker of your home's real market value. I'd be happy to review your assessment with you if you need help appealing. - Vincent.

Click here to find your property's new assessment: https://www.bcassessment.ca/Property/AssessmentSearch

Rents are going up. Again. Sort of. 

Within British Columbia's fiercely competitive rental sphere, landlords now have approval to increase rents for their current tenants by 3.5%, a rise from the existing 2% limit. Notably, this adjustment persists below the inflation rate for the second consecutive year, signifying a departure from previous guidelines that sanctioned rent hikes linked to inflation or inflation plus 2% prior to the year 2018. 

Anecdotally, I am seeing some rental rates being lower than last year, but it is also a factor of the time of year. If you are renting, the best time of year to find a deal on a rental is when others don't want to move. Ideally, planning to move in November-February could save you some costs in finding a new apartment. 

If you, or anyone you know has questions about the real estate market in Victoria or surounding areas, we'd be happy to help. 

Happy New Year and Thanks for reading! 

From

Vincent, Jocelyn, and Adrian. 

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