Darren Day, a prominent Realtor in Victoria for over 30 years, anticipates that Real Estate prices will remain relatively stable as we enter 2024. Despite the substantial increase in interest rates over the past year, so far hasn’t translated into significant price drops.
Typically, when interest rates rise from 2% a year ago to nearly 6 or 7% now, one might expect a decline in home prices, however, this hasn’t materialized. Sales of condos, townhomes, and houses have held relatively steady, with prices remaining resilient.
Victoria’s desirability, driven by its climate and other factors, has played a role in this. Darren suggests that when interest rates eventually decrease, prices are likely to pick up speed again, particularly in the spring and summer of 2024, and continue rising in the coming years.
The one potential hurdle is that many mortgages are up for renewal, which could lead to substantial increases in monthly payments for homeowners and potentially keep prices from increasing in the short term.
Darren Day does say that we have location and climate on our side and Victoria will alway be one of the most desirable places to live in Canada.