Greater Victoria’s real estate market ended 2022 with sales down almost a third from the year prior, as rising inflation eroded buying power.Last year’s overall sales were closest to 2014’s number of 6,698.
Dinnie-Smyth said she expects the cost of moving and borrowing money to continue to undermine demand into 2023. The ban is unlikely to reduce housing costs because there are so few foreign buyers in the market, she said. Tammi Dimock, a real estate agent with Royal LePage who has specialized in Sooke for 32 years, expects the market to remain slow while interest rates continue to climb.One couple she worked with purchased a house but did not lock in their mortgage rate. When they bought, the rates were lower. But now it’s time to refinance, they don’t qualify for a mortgage any more, and have been forced to list their home for sale, Dimock said.
Good.
It's true I see it in my neighborhood