January 2024 Mid-Vancouver Island Market Update

Check out the January mid-Vancouver Island market update and stay tuned as I let you know the three keys to the start of the Spring market. 

The market here on mid-Vancouver Island has been very stable since the summer. Prices are relatively the same as in the same period last year. Listings and sales are steady across all property types as we start our journey through 2024. 

The always anticipated' Spring Market' is the next thing to come into view for our market. The question everyone, buyers and sellers alike, is when do I expect it to start? 

Always a tough question to pinpoint but three key factors will help determine the arrival of the Spring Market this year. First, the weather. If we have a lovely February, we tend to see things pick up then. If we have rain and a wet spring, you can expect a bit of a delay. Second, spring break is a factor in the arrival of the spring market. The break can be different for school districts across the country and province. Still, we typically see an increase in buyer activity during spring break as people take the time to explore the available properties while visiting town or taking some time off during the break. Last for this year is the Bank of Canada interest rate. Our market has been fairly stable but, as we start 2024 with the promise of rate reductions, the big thing people are fearing is making the wrong decision. What if they buy before the rates come down? What if they sell and property values go up with a lower rate? This fear and uncertainty has a lot of people fence-sitting until the next rate announcement on March 6. 

Whenever the Spring Market does arrive, I expect it to be a very busy one for REALTORs, buyers and sellers alike.