Two years ago, the Canadian housing market experienced one of its hottest Spring markets with prices rising at a tremendous rate. Since then, real estate price increases have slowed down due in part to the implementation of foreign buyer taxes, higher interest rates and stricter mortgage qualification rules.
Many pundits feel Greater Victoria’s real estate market will continue to see lower sales and higher inventories of homes available for purchase than in recent years, according to a forecast by the Canada Mortgage and Housing Corporation (CMHC).
Reference:
https://www.macleans.ca/economy/realestateeconomy/canada-real-estate-market-spring-outlook
https://www.timescolonist.com/real-estate/victoria-home-price-growth-to-cool-over-next-two-years-forecast-1.23488852
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