A slow start to the year may not foretell the future for the Victoria housing market

February 1, 2023  A total of 278 properties sold in the Victoria Real Estate Board region this January, 41.4 per cent fewer than the 474 properties sold in January 2022 and a 13.1 per cent decrease from December 2022. Sales of condominiums were down 46.3 per cent from January 2022 with 101 units sold. Sales of single family homes decreased 33 per cent from January 2022 with 120 sold.

"If you're looking at the statistics, this January was one of the slowest we've seen on record," says 2023 Victoria Real Estate Board Chair Graden Sol. "However, we did see a mid-month surge in activity as buyers seemed to regain confidence after the rapid interest rate increases of last year. It may be that consumers are moving past the market shock of the rate increases and economic uncertainty and that our market is regaining its equilibrium. What the data doesn't show is the optimism that many of our REALTOR® members are noting from their buyers and sellers, who remain active viewing homes and making offers. Interest rates, continued low inventory and the greater economic situation in our area will determine what our early spring market will look like."


6 Undisputed Ways to Make your Home Sell Faster

There are few certainties in this world, but there are surefire ways to sell your property faster regardless of market conditions. These strategies have been proven time and time again. So, if you’re thinking of selling this year, take a good look at these recommendations:

1. Clean and tidy up. Making your home “guest ready” is the easiest way to ensure buyers are impressed during a viewing.

2. Declutter. The more spacious your home looks, the more impressive it will be to buyers. You can box items and give them away, sell them or put them in storage.

3. Price it right. Deciding on the right listing price is crucial. If it’s too high, you’ll discourage otherwise qualified buyers from seeing your home. If it’s too low, you might send the wrong message to the marketplace.

4. Optimize curb appeal. The better your home looks from the street, the more buyers will become interested. Curb appeal is important because it’s the first impression a buyer makes, and that impression lasts. 

5. Stage your home. You don’t necessarily need to replace all the furniture. However, studies consistently confirm that a well-staged home sells significantly faster than a comparable un-staged property.

6. Leverage the latest marketing and selling tactics. You want the marketing of your home to bring in the most qualified and interested buyers. You then want sales strategies that turn those buyers into offers and negotiation skills to turn the right offer into a sale.

Keep these proven strategies in mind when putting your home up for sale.


Scams Are on the Rise

The more consumers increase their use of online shopping using a variety of sites and payment methods, the more susceptible they become to fraud, including false threats or enticements from scammers posing as retail, bank and credit card companies.

With personal profiles being shared more frequently, it stands to reason that hackers will gain increased access to email addresses and other contact information. In addition, the scammers’ methods of “phishing” for personal information has become increasingly sophisticated, with correspondence that is often difficult to distinguish from legitimate business communications.

Disguised as a legitimate business or bank, they can send phony alerts that act like an electronic Trojan horse. The consumer is tricked into divulging additional more sensitive data such as an account number or a password. We all need to be wary of any unexpected emails and phone messages that may implore us to act on impulse by clicking or replying. Always ensure you are not giving away personal information to criminals.

Financial Post

Here's what will convince the Bank of Canada to hold the line on rates

Many Canadians breathed a sigh of relief when the Bank of Canada signalled at its last interest rate meeting on Jan. 25 that it would likely pause further hikes to assess whether it had done enough to quell inflation.  So far, the bank has raised rates 425 basis points — a historic run in speed and trajectory — to 4.5 per cent from 0.25 per cent in March 2022.

Canadian Mortgage Professional

High borrowing costs impacting many homeowners' reno plans: report

Interest rate hikes look like they may have ended for now – but the steep rate jumps witnessed over the past year appear to have significantly tempered many Canadians’ enthusiasm to renovate their homes.

Real Estate Magazine – Helping your clients understand the legal pitfalls of new builds

National Post – HOLMES: Kitchen renos are big jobs

Globe and Mail – Why limited supply wasn’t the main culprit behind high house prices

Globe and Mail – The bonfire of the speculators: What caused an abrupt down-shifting in the preconstruction assignment market?

Globe and Mail – MCLISTER: Lock in your mortgage if you can’t afford to gamble, but cuts may be coming

Canadian Mortgage Professional – How far should the Canadian home price correction go?

Canadian Mortgage Professional – Did the Bank of Canada mislead borrowers on low interest rates?

Canadian Mortgage Professional – What factors will have the greatest influence on the BoC rate moving

Storeys – Greater Vancouver home sales fall 43% below 10-year average

Vancouver Sun – January home sales down 55% from year earlier, 21% from Dec: Vancouver board

CBC B.C. – January home sales down 55% from year earlier, 21% from December: REBGV

Victoria Times Colonist – Greater Victoria real estate market limps into 2023

The Tyee – When will rents come down?

Business in Vancouver – Residential real estate sales, prices to follow 2022 trend: REBGV forecast


Notable, Quotable, Quotes!

“Patience, persistence, and perspiration make an unbeatable combination for success.”
Napoleon Hill

Imagine you’re chatting with your neighbours, and they ask, “Hey, do you happen to know a good dentist?”

How would you respond?

Well, you wouldn’t recommend just anyone, would you? Instead, you’d probably only recommend a dentist worthy of that recommendation… someone who is good at what they do and consistently provides great service.

In other words, someone who is referral-worthy.

That word – referral-worthy – is very important in my business. It describes the kind of real estate agent I strive to be.

It’s why I work so hard for my clients, helping them sell their properties successfully, while working with them to find their dream homes.

It’s also why I continue to stay in touch with clients, and make sure I’m always “there” for them when they have questions or need advice.

I hope you feel that qualifies me as referral-worthy! If so, please pass my name along to anyone who may be looking for an excellent real estate agent. I’d really appreciate it!


Best regards,

Diana Winger Personal Real Estate Corporation | eXp Realty


www.Housesforsale369.com | 250-588-8839

On Your Team!