After record highs, Victoria’s housing market has seen a slight slowdown in the first half of 2022. realestate realestatenews BC housingmarket
compared to the same period in 2019 . And by the end of last year, median home prices were up 42% compared to December 2019. , real estate expert and Managing Broker at Sotheby’s International Realty Canada, people from all over the country — and even the world — flocked to Victoria throughout the worst of the pandemic.
“You don’t have to drive two hours to get out to nature in Victoria,” says McGowan. “I can find a hiking trail — and be the only person on that trail — just 15-minutes from my office.” And with rising interest rates, record-high inflation, and geopolitical turmoil, there’s been some speculation that Victoria’s housing market — and the global economy, in general — is headed for a dip.
In McGowan’s experience, “only about 22% of homebuyers are buying with financing, which means almost 80% of people are buying with cash in Victoria.”
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