Victoria Real Estate Update - June 2024

June has got to be my favourite month of the year.

The promise of summer is at hand without the reality of heat exhaustion and sunburns. This weekend, I got to check out Vic West Fest, and our community did not disappoint!

June is a time of anticipation, long sunny days, and typically marks the transition in the real estate market from spring to summer.

A lot of folks become more excited about their summer plans and put their real estate intentions on the back burner. Although June sees a great deal of listings, the sales begin to slow down and usually don’t recover until after the Labour Day weekend.

The differentiating factor this year is that we have a lot of inventory! Indeed, Victoria, and much of North America, has not seen this high level of inventory since at least 2015.

When we start to see inventory stacking up like this, condos are usually the first to take a hit. Right now, there are some fantastic deals to be had on condos in Victoria.

Demand for single-family detached homes remains strong, with high absorption rates, and even some properties under $1 million receiving multiple offers.

The reason the $1 million mark is so significant is not just the psychology of seven figures; it’s also the reality of CMHC insurance limits. For purchases over $1 million, a person requires a 20% down payment, and cannot use CMHC. 

I hope you have a fantastic month! If you're cursious for more info about the market.... give us a call!

talk soon, 

-Vincent, Jocelyn, and Adrian

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