Spring Market Madness! Victoria, BC Real Estate Update

In this market update for May 2024 we look at a lot of mixed signals in Victoria's market. New inventory is flooding MLS but is it selling? We are faced with what seems like new regulations from the government almost daily, how is the market reacting? I'll do my best to break it all down for you!
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🏠 Ira Willey | Victoria BC REALTOR® | Coldwell Banker Oceanside
0:00 Intro
1:04 House
1:48 Condos
1:55 Inventory
3:00 Buyers... what to expect?
3:35 Sellers... what to expect?
DISCLAIMER: It's important to note that the views expressed in this video are solely my own and do not represent those of Coldwell Banker Oceanside, VREB, BCREA or any other organization with which I may be affiliated with. No agency relationship is created and any conversation resulting from these videos will be first conducted only after a Disclosure of Representation Agreement has been presented. These opinions should not be relied upon as financial advice. Always conduct your own research and consult with appropriate legal, accounting and financial professionals before making any real estate decisions.

[@SergeyGolod]

Thanks for the update

[@mikemurphy9778]

Great content as usual. Thanks for these updates.

[@IraWilley]

Thank you!

[@Rakibahamme0]

nice

[@rxallan20]

Thanks for the update.
I was a detached buyer in April. Experienced the same. Anything decent under a million sold in the first day.
Up to $1.2m with a basement suite also sold in a day.
Our place ended up canceling 27 showings once they accepted our offer.

[@roncgc8428]

Victoria median household after tax income is 62000. Average detached homes $ 1,000,000. This is a multiple of 16.25. This is the reason Canada's real estate is called the biggest bubble in the world.

[@IraWilley]

You need $150k to qualify for a 2 bedroom condo in Victoria. It's madness!

[@rxallan20]

If you're coming in with a small downpayment you pretty much need two incomes plus basement income.

[@IraWilley]

What do you see happening out there in Victoria's market? Let me know!