. “This would indicate that the rate hike has contributed to slight pricing adjustments, but has had no effect on the purchasing activity of buyers.”
Meanwhile, over in Metro Vancouver, residential sales increased by about 12.8% from September to October, according to theby the Real Estate Board of Greater Vancouver , but were actually down 45.5% compared to October 2021, and down 33.3% compared to the October average of the past 10 years. Ryan says that after a relatively quiet summer and early fall season, the sales activity the Vancouver Island real estate market is currently experiencing indicates that prices are more or less an accurate reflection of market conditions, and that “buyers are responding favourably.”
“Sales are up overall 17% over the previous month in Greater Victoria, with a 3% increase elsewhere on the Island,” Ryan says — and that’s often the case on the Island this time of year.A quantitative way to identify which way a real estate market is leaning is to look at the sales-to-active-listings ratio , dividing the number of sales by the total amount of active listings.
“We typically have a relatively healthy fall market on the Island. Our temperate climate attracts snowbirds who tend to travel west and property shop in the fall. I would suspect that the desire to be settled in a new home for Christmas and the New Year is a driver for this seasonal increase in market activity. Clearly, motivated sellers and motivated buyers are coming together to strike a deal with the guidance of their respective realtors.