July 2023 Mid-Vancouver Island Update in 60 Seconds!

Check out the July mid-Vancouver Island market update given to you in 60 seconds or less!! 

As I have been mentioning for quite a while, we have finally come to that point where the market has been stable for about a year. Prices now are very similar to what they were in July 2022. This has been the case deposit the rapid interest rate increases by the Bank of Canada. 

One thing to highlight is the decrease in listings versus the same period last year. We are still seeing a reluctance from Sellers to put their house on the market. This has caused a supply versus demand issue which is the leading cause of prices being where they are. 

The next Bank of Canada rate announcement comes on September 6 and I am expecting this same uncertainly to continue to that point and beyond. However, I'm not really expecting prices to change too much in our area no matter the announcement