Hello, it’s Alex Carroll of Engel & Völkers. I just wanted to bring in a market update for January of 2020 in Victoria, BC.

Now, I would say the thing that we’re experiencing more than anything else is low levels of inventory, so low supply, and a lot of buyer confidence has resumed compared to this time last year. There seems to be more and more interesting situations where attractive properties in the right neighbourhoods are selling instantly. It’s one thing I’ve observed: quite a few homes in the Oak Bay/Estevan area have sold unconditionally in a matter of days, one or two days. So, I had been looking for some people in that area; it wasn’t the right house for them, but I think it’s interesting for me to see that both of those places sold so quickly.

I guess the lesson from that is that if you haven’t tracked the property and there aren’t a lot of new listings coming up in that area, there’s a good chance of someone sitting and waiting on the right home and the right place. And more than anything, I would say that low inventory is characteristic more so in the core neighbourhoods of Victoria, so Saanich East, Saanich West, Oak Bay, Victoria—Victoria includes Fairfield, James Bay, etc.—you name it, anything in the core, View Royal even seems to be moving quite quickly. If you haven’t tracked a property that’s priced accurately, if you do not, it may sit or face a few price reductions until you get to the right buyer.

Beyond that, I would say that things are looking up. As I mentioned, I think buyer confidence has resumed a little bit. There are some challenging things going on with condos and insurance, and if you’re currently in a condo, please feel free to reach out to me with any questions you have. There are a lot of stratas that have seen their premiums go through the roof or are struggling to even find an underwriter for the strata. So, if you have questions about that, feel free to contact me.

It’s Alex Carroll of Engel & Völkers, 250-889-9060.