Victoria BC Real Estate is Shifting

[@leftcoastcorrie]

Interesting times. Could be financially devastating for some investors, as low rate mortgages start to come due and not enough revenue to cover the cost. Not sure the rental market will benefit from the changes, rental rates are still very high. On the flip side, it is Victoria and you said it, Victoria is resilient. Thanks for sharing Ira, well said.

[@beautanner8409]

The staggering rise in property prices are already devastating for much of the young middle class - a more critical part of our economy than investors losing on a risky gamble.

[@Diesel735]

Detached home sales down 7%.... High interest rates & fees making it impossible. Stay renting, live in a beehive or become a slumlord?

[@IraWilley]

Touch choices. Even in a "buyer's market" which we are headed into, that doesn't mean its affordable at all.

[@fchabot1541]

Great info Ira. I'd be curious to see how Victoria's rental vacancy reacts in the next months to the new STR rules.

[@IraWilley]

I'm already seeing an uptick of rental listings on Craigslist and FB Marketplace. We'll see more listings, will prices come down in a substantial way though?

[@blakedott9295]

lots of deals. I browse FB marketplace a couple times a day. I'm low income and it's crazy what you can get for 1,300-1,400 right now.

[@beautanner8409]

Prices 'bouncing back eventually' will be catastrophic for a significant portion of our population.

[@mikemurphy9778]

Great information. As a potential buyer in 2024 do you see the potential for a significant market correction and when would you recommend waiting until to start considering a purchase. I would not want to buy in a declining market and think we still have a way to go yet. Thanks again for the great video. Subscribed and liked.

[@IraWilley]

Hi Mike. I think prices will either remain flat or continue to decline so patience will be rewarded.It all depends on your individual situation however and the segment you are considering buying in, happy to have a chat any time.

[@Nish-j2c]

Hey Ira, thank you for providing the information. Wondering if entering the market with a budget of 350k-400k for 1 bedroom condo is worth it? Hopefully will shoot you an email coming january. Thanks again.

[@IraWilley]

Please reach out! It depends on the individual condo and your circumstances if it's a good investment or not. I'm always available to chat.

[@JasveerSinghBal-yc3by]

Good news for you right

[@kennethbrown7627]

Bring on the collapse! Unlimited taxes, carbon taxes, money printing, burdensome permitting for construction and rising interest rates doesn't lend itself well to prosperity. Buckle up 😂

[@IraWilley]

We'll see if it's a collapse or a cool-down. Victoria is resilient!