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Rising interest rates 'normalize' housing market

7/6/2022

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Concerns over inflation and the resulting increase in interest rates sparked by the Bank of Canada have worked to cool down housing sales in our region. The Victoria Real Estate Board's latest statistical analysis shows 35% fewer homes were sold in June compared to the same month last year. There are more listings on the market allowing it to settle into a more typical pace than the frenzied conditions experienced during the pandemic.
 
However, the benchmark value for homes continued to increase to $1,464,400 in June from $1,446,400 in May.
 
"It may seem counterintuitive to continue to talk about the need for supply at a time when inventory is rising," VREB President Dinnie-Smyth said in a news release. "We must keep the conversation alive, and we urge all levels of government to continue to aggressively address the housing supply situation. We need more supply of all types of housing."
 
A lack of housing supply is a major factor in the challenge many employers face finding and keeping workers.
 
“We are always advocating for more affordable housing and housing supply, as well as security and sustainability in supply chains to get the needed materials in place to create housing,” Chamber CEO Bruce Williams told the Times Colonist.
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  • Membership
    • Why Join?
    • Job Board
    • Member to Member Offers
    • Benefits, Discounts & Savings >
      • Chamber Store
    • Chamber Local
    • 1863 Impact Award
    • Questions & Answers
    • Join Now
    • Member Login
  • Member Directory
  • Events
    • Signature Events >
      • Annual Auction
      • Business Awards
      • Business Hall of Fame
      • Business Leaders Series
    • Event Calendar >
      • Chamber Events
      • Community Events
    • Event Photos 2023
    • 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
  • The Chamber 1863
    • 1863-Indigenous
    • 1863-Early Chamber
    • 1863-History Events
    • 1863-Booms and Busts
    • 1863-Members & Communities
    • 1863-Women, people and organizations
    • 1863-Committees
    • 1863-Chairs and Chair Businesses
  • About Us
    • Emerge >
      • Emerge Events
      • Emerge Mentorship
      • Emerge Connect
    • Staff Directory
    • Board & Governance >
      • Governors
      • By-Laws, Plans & Reports
      • Committees
    • Chamber History
    • Partners & Sponsors
    • About Victoria >
      • Starting a Business
      • Moving Here
      • Visiting Victoria, BC
    • Contact Us