Rising interest rates expected to lead to Victoria housing market correction

Three new townhomes on Nelson Street in Esquimalt, B.C., are weeks away from hitting the market. The question for the developer is – how will they be priced?Victoria home sellers have banked on a frenzied market for years. Prices have continued to climb and multiple offers generally come in for properties, many times without conditions.

"In the last few months it’s been like someone has turned off the taps in terms of sales," said Marko Juras, a realtor with Fair Realty.Meanwhile, condo prices have fallen six to eight per cent since the peak in March. The realtor says a market correction is taking place and motivated sellers need to list their homes to reflect that new reality.On the surface that sounds like good news for buyers, but don’t forget those rising interest rates.

"It’s kind of like a wait and see game, and I feel from a buyer perspective you always have to be looking and be ready with a realtor to go," said Fedberg.

The only way this place will ever be anything close to normal is with way more condos

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