Is this the bottom of real estate prices in Victoria BC Canada? My Predictions

[@AlexCarroll]

When do you think we will reach the bottom of prices in Canada? Are we there yet?

[@brad.walker.airdrie.realtor]

Hey Alex thanks for another great update! I like keeping up to date on other market around Canada

[@AlexCarroll]

Appreciate the feedback Brad! I'll keep an eye on your channel as well!

[@flyerguy123]

Alex, love your videos and insights! Specifically in the condo/strata market in BC, how do you think the new legislation being tabled to ostensibly increase the rental inventory, will affect prices in Victoria? I'm considering a move there 24 months from now, should I be concerned that prices and/or inventory are going to be adversely affected?

[@AlexCarroll]

Hi Mike, the majority of buildings that are 'no rentals' or 'limited rentals' being owner occupied means we will likely only see those units impacting the market when they turn over. Over time these will reach the resale/rental market but I don't see that there will be a huge influx between now and then. The reality is that many of those buildings have gained some value as their utility has increased. Conversely buildings with unrestricted rentals are no longer as desirable as they once were. Hope that answers your question! Happy to get into it more if you would like!

[@jasonwaters382]

Big Thumbs Up. Personally I appreciate the willingness to venture a market estimate, something realtors are often too afraid to do. I am waiting to buy my third property and am *hoping* for a great property to come up in the next 4 months. My prediction was that prices might start to climb a bit in the spring. Apparently historically prices do not rise rapidly out of a trough like our current one, but what may be different this time is that sellers and buyers know full well that the market suppression is artificial. The Bank will take its foot off the break slowly, but I'd expect a good bounce up in prices in 2024 especially with the indefinite supply shortage. Edit: couldn't agree more about the suggestion to buy land and hold.

[@AlexCarroll]

Thanks for the feedback Jason. Predictions are just educated guesses after all but during somewhat unprecedented times I feel it helps to have more conversations about it

[@DrYouMrTube]

What are 1bdr condo/apt in good areas are going for these days in Victoria?

[@AlexCarroll]

Entry level one bedrooms in the core neighbourhoods start around $350,000 in older buildings. Newer buildings (ie. 2010+, with parking) are closer to $450,000 and up.

[@branttrainstation]

If the BOC started to drop rates we could see inflation skyrocket like we see in the UK, the most expensive supermarket are still seeing customer, also the people in Hamilton Ontario are not worried or have any concern about inflation or high interest rates or soon to be layoff, a number of houses sold this month (November) plus we have many new home listing above million dollars, so we're still in a seller market, Hamilton won't see a home buyer ,market at all, Hamilton housing is has almost the same price as Toronto, these home owner don't have mortgages or debt, so there not motivated or force to sale at any price but there own, many homes are under contraction along with many new condo building, we won't see real estate go any lower do to owner not force to lower there price, unless they bought in the last two years and have gotten over there budget, every one is talking about how the stress test kept buyer from over extending them self on mortgages however that same stress test doesn't take into count all peoples budget, property taxes in Hamilton could rise do to the rise in property sale, a 600,000 home will have taxes over 6000 dollars a year, million dollar home has taxes as high as 12,000 a year

[@AlexCarroll]

Do you think the Bank of Canada will start cutting rates? I’m surprised to hear you say that Hamilton real estate is holding up. The benchmark price of a SFD in Hamilton/Burlington has fallen from $1,166,000 in February to $895,800 at the end of October.

[@branttrainstation]

@@AlexCarroll I've been looking for a house for over two years, and I've not seen prices drop in the location my wife an I want, some home owner have lower there price, but over all no prices are not down, prices in lower income areas have come down, but not by much, if you check homes being listed now, are being listed at prices above 800,000 to over million way out of our prices range, compare to Toronto to Hamilton house prices there almost even,

[@AlexCarroll]

@@branttrainstation understood. Certain segments here in Victoria are holding up well as well. Good luck and alll the best with your search!

[@Ads27185]

End of next year or summer 2024

[@AlexCarroll]

Is that for Canada? Or for Victoria BC? What makes you say that?

[@Canadian_Eh_I]

@@AlexCarroll There's a 12 to 18 month lag to prices caused by interest rates.

[@AlexCarroll]

@@Canadian_Eh_I I agree with you that the full scope of changes to rates takes time to work through an economy. Have a tougher time thinking there is a “lag”. Prices started dropping in Canada within 30 days of rates increasing in March.

[@Canadian_Eh_I]

@@AlexCarroll Yeah I think that that the initial drop was a natural effect of those on the edge finally making their decision to sell. The bulk of the nadir will likely be around 12 to 18 months IMO.

[@AlexCarroll]

@@Canadian_Eh_I Totally appreciate your opinion. Nadir?

[@DTrent-uy1wl]

The answer was “No”

[@AlexCarroll]

Hopefully you got something out of the video anyways!

[@DTrent-uy1wl]

@@AlexCarroll your videos are good. I follow your content

[@AlexCarroll]

@@DTrent-uy1wl Appreciate that feedback!

[@hayleybryantx]

👏🏼👏🏼

[@AlexCarroll]

Thanks for the positive feedback!

[@odinvanscoit3398]

I love your videos! Get the results you deserve = "promo sm".

[@AlexCarroll]

Thank you! Will do!