Real estate market balanced for buyers and sellers

With another Bank of Canada interest rate cut expected later this month — and more cuts potentially on their way — stats from the real estate industry show that the market is becoming more balanced.

“The real estate market in Victoria right now is much more stable and more predictable than it has been in recent years,” Victoria Real Estate Board Chair Laurie Lidstone said in a media release. “We have seen a few solid months of near-balance in the market, which means it’s neither a seller’s nor a buyer’s market and positives exist for both sides of a transaction. With downward trending interest rates and stable pricing combined with more inventory on the market, our current conditions are the most comfortable for consumers to navigate that I’ve seen in a few years.”

Sales in September were up from September 2023, with a 21.9% increase in condominiums sold and 19.3% jump in single family home sales.