You’re hearing a great deal of financial distress in the news of late. It’s important to note that real estate - the value of your home and your investments – will not be impacted anywhere as quickly as mortgage rates and stock prices. And there are counterbalancing market conditions in play – the most important being our constrained market supply. Real estate prices continue to rise in Greater Victoria in good part due to a lack of inventory.
"One of the most prominent aspects of our market right now is this continued low inventory," says Victoria Real Estate Board President Sandi-Jo Ayers. "Our ten-year average active listings for the month of February is 3,007. We concluded this month with just over 2,000 active listings, which means a lot less choice for consumers, more pressure on pricing and multiple offers."
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