Hello June!
Summer is here! The sun is shining, the kids are out of school and Father’s Day is coming up! “June is the pearl of summer, shining with warmth and joy.” L. M. Montgomery
With this warmer weather, now would be a perfect time to clean out the dryer, air and furnace vents. Dryer fires are more of a risk today than chimney fires. The most common cause is neglecting to clean and clear the dryer vents. Early signs of lint build-up in the dryer vents includes; clothes taking longer to dry, excess moisture in your laundry room or laundry closet, or even a slight burning smell. Dryer vents should be cleaned annually, and the McLean Real Estate Group has secured an offer for a discount on professional vent cleaning with Modern PURAIR! This promotion offers you a $50.00 discount on dryer, air and furnace ducts cleaning! Here’s the coupon with the promo code:
Real Estate Market Update
Spring is generally the peak season for real estate in Victoria, with May usually marking the height of the market activity. The increase in inventory provided buyers with more options and the ability to take their time making decisions and doing their due diligence. As a result, the additional listings helped alleviate pricing pressure, keeping the prices relatively flat, making our Victoria market a balanced market.
Here are the numbers; in May 2024, we saw the sale of 763 properties here in Greater Victoria, a 1.5% decrease from May 2023 but a 12.5% increase from April 2024. Condo sales dropped by 5.2% year-over-year with 235 units sold, while single-family home sales remained steady at 399. Active listings at the end of May 2024 totaled 3,338, a 10.6% rise from April and a 52.5% jump from May 2023’s 2,189 listings. The MLS® Home Price Index benchmark value for a single-family home in the Victoria Core rose by 0.7% from May 2023 to $1,309,700, while the benchmark for a condominium increased by 1.2% to $569,500.
And now, the Bank of Canada has lowered its key interest rate to 4.75%, the first rate cut since March 2020. This move was widely anticipated by economists as the inflation rate has recently moved closer to the bank’s 2% goal, coming in at 2.7% in April. The bank’s preferred core measures of inflation have also been easing throughout the Spring. CIBC economist Andrew Grantham noted that with core inflation decelerating and growth remaining slow, there wasn’t a good reason not to start lowering rates.
Grantham expects the Bank of Canada to cut interest rates by another 25 basis points at its next meeting on July 24th, followed by two more cuts before the end of the year.
Thank you!
Victoria Real Estate Stats for Condos and Apartments in May 2024
Victoria Real Estate Stats for Single Family Homes in May 2024
Victoria Real Estate Stats for Townhomes and Duplexes in May 2024
