According to this CBC Article, Canada's overall housing market is in retreat the frantic pace in May, 2022. The recent decline on a federal average is showing the average Canadian house price now selling for just $711,000, a decline of more than $100,000 in the last quarter. Victoria BC Real Estate has seen a similar decline. According to the local real estate board, a total of 761 properties sold in the Victoria Real Estate region in May, 2022. This is 27.5 per cent fewer than the 1,049 properties sold in May 2021 and a 7.6 per cent decrease from April 2022. Sales of condominiums were down 23.1 per cent from May 2021 with 250 units sold. Sales of single family homes decreased 31.7 per cent from May 2021 with 367 sold.
While May is typically a strong month for home sales, the Canadian Real Estate Association (CREA) said Wednesday that the volume of homes that sold fell precipitously during the month, down by 20 per cent compared with the same period a year ago.
The slowdown may offer a solid chance for first time buyer to take advantage of a shifting market. For the last several years, it has been a seller's market and that may be about to change. Instead of seeing multiple offers on each property, sellers may now start to see one or two offers and may eventually start price reductions.
First time buyers should keep their eyes on the key statistics for the Victoria market and watch for signs of the housing market bottoming out. If you are a first time buyer and wish to discuss this, please contact us and we can help decipher the vast amount of market data to help you make the correct decision.