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Cooler housing market a relief for buyers and sellers

8/3/2022

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The pace of Greater Victoria's housing market is returning to a "calmer and more friendly environment" said the president of the Victoria Real Estate Board.
 
Rising interest rates have effectively slowed sales and allowed supply to return to more typical levels. In July, 510 properties were sold, which is down 16.7% from June and 38.9% from July 2021.
 
"The government's recent focus has been on demand-side mechanisms and other market modifiers such as a mandatory three-day cooling off period to start in 2023," VREB President Karen Dinnie-Smyth said in a news release. "A better long-term approach to housing affordability for our future is to address housing supply constraints which will be central to the next round of upward pressure on home prices."
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  • Membership
    • Why Join?
    • Job Board
    • Member to Member Offers
    • Benefits, Discounts & Savings >
      • Chamber Store
    • Chamber Local
    • Questions & Answers
    • Join Now
    • Member Login
  • Member Directory
    • All Categories
  • Events
    • Signature Events >
      • Annual Auction
      • Business Hall of Fame
      • Business Awards >
        • 2022 Business Awards Winners and Finalists
      • Picnic in the Park
      • Business Leaders Series
    • Event Calendar >
      • Chamber Events
      • Community Events
    • Event Photos 2022
    • Sponsorship
  • News & Advocacy
    • Weekly BizNews >
      • BizNews-articles
    • Advocacy / Wins for Business >
      • Advocacy Wins
      • Business Property Taxes
      • Advocacy Priorities
    • Chamber Chats
    • In the News >
      • Published Op-Eds
      • Media Releases
    • Non-market housing
    • Find and keep workers
    • Business Matters Magazine
    • COVID-19
  • Prodigy Group
    • Mentorship Program
    • Prodigy Group Committee
    • Prodigy Events
    • Contact the Prodigy Group
  • About Us
    • Staff Directory
    • Board & Governance >
      • Board Elections 2023-2024
      • Governors
      • By-Laws, Plans & Reports
      • Committees
    • Chamber History
    • Partners & Sponsors
    • About Victoria >
      • Starting a Business
      • Moving Here
      • Visiting Victoria, BC
    • Contact Us