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Alex Carroll in Victoria BC
Canada
Приєднався 12 лют 2010
Welcome to Alex Carroll's UA-cam page - your Guide to Victoria BC Real Estate and lifestyle on Vancouver Island, British Columbia.
Born and raised in Victoria British Columbia, I'm passionate about the city that I call home. I work as a REALTOR® in the Victoria BC Real Estate Market and follow developments in Canadian Real Estate but I also am here to share the realities of living in Victoria BC on Southern Vancouver Island. Whether you are moving to Victoria BC and wanting to learn more about our different neighbourhoods, get insights on Victoria housing market trends, or just take in some incredible scenery and learn more about the west coast of Canada on Vancouver Island, this is the place to be!
Feel free to connect on Instagram: @carrollgroupev
Carroll Group Team Channel: ua-cam.com/channels/xUKLiWGFoCG1LBzX1G-n5Q.html
Visit our website: alexcarroll.ca/
Or email for inquiries: alex.carroll@evrealestate.com
Born and raised in Victoria British Columbia, I'm passionate about the city that I call home. I work as a REALTOR® in the Victoria BC Real Estate Market and follow developments in Canadian Real Estate but I also am here to share the realities of living in Victoria BC on Southern Vancouver Island. Whether you are moving to Victoria BC and wanting to learn more about our different neighbourhoods, get insights on Victoria housing market trends, or just take in some incredible scenery and learn more about the west coast of Canada on Vancouver Island, this is the place to be!
Feel free to connect on Instagram: @carrollgroupev
Carroll Group Team Channel: ua-cam.com/channels/xUKLiWGFoCG1LBzX1G-n5Q.html
Visit our website: alexcarroll.ca/
Or email for inquiries: alex.carroll@evrealestate.com
Where is the Victoria BC Real Estate Market Heading in 2024?
With 2023 coming to a close it gives us a great opportunity to reflect on what has been a turbulent year in the Victoria BC real estate market. Vancouver Island real estate and BC have experienced similar turmoil through the year. Where is the Victoria BC Real Estate Market Heading in 2024?
My Victoria BC real estate predictions for 2024 in this video!
There have been a lot of ebbs and flows in the Victoria Housing Market with mortgage interest rates, which have had an effect on overall demand in the market. With most major banks offering posted rates above 6%, we are in an entirely different environment than we were just a couple of years ago. The retraction in sales over the last 2 years is probably the best indicator of this that we have:
Unit Sales (Victoria Real Estate Board)
2021: 10,192
2022: 6,924
2023: 5,941
Through sluggish month in sales activity in Victoria BC Housing, our inventory has built to levels not seen since the summer of 2020 during the C-19 lockdowns. Over the last 5 years we have consistently reached our peak of active listings in July, but 2023 has been different. Our peak of listed inventory actually occurred at the end of October (2,776) and marked the 10th consecutive month with more property available than the month previous.
New listings through the fall have outpaced demand and November 2023 had more new listings (858) than any November in the last decade. There is reason to believe that more owners with homes coming up for renewal are deciding to sell than we have seen in recent memory. The conversion of some of these sellers coming to market with below-average demand has led to downward pressure on prices.
Buyers and sellers have to come together to inform this data, and in some cases the backdrop of better market conditions in 2024 has some sellers heading for the sidelines instead of relenting to lower offers in the fall of 2023. Will they have more luck in 2024?
There is reason to believe that we have reached the peak of interest rates/mortgage rates and that as 2024 unfolds, downward pressure on both fixed and variable rates could mean that the market wakes back up again for real estate in Canada (Canadian Real Estate). October's CPI data saw another decline from the previous month (3.8%) mainly due to falling year-over-year gasoline prices. The most significant contributors to inflation remain mortgage interest costs, food purchased at stores, and rent.
Excluding food and energy, inflation fell to 2.7% in October, down a tick from the September reading. Two other inflation measures closely tracked by the Bank of Canada (trim and median core rates) also eased, averaging 3.6% from an upwardly revised 3.8% a month earlier.
The next piece of relevant data was the Q3 GDP release from Statistics Canada. The economy in the third quarter shrank at a 1.1 percent annualized pace, much weaker than the Bank of Canada’s forecast of +0.8 per cent. The contraction almost wiped out all the growth from an upwardly revised 1.4 per cent increase in the second quarter and presents stark contrast to the 2.5% growth rate for Q1 2023.
The two consecutive quarters of GDP at near 0 per cent, accompanied by flat household spending -- the weakest half-year since 2009 outside the pandemic, suggest the economy has essentially stalled, losing much of the strong momentum seen early this year. This reinforces the view that the Bank of Canada's interest rates are sufficiently restrictive to crimp consumption and slow inflation. The Bank of Canada confirmed this sentiment this week by leaving their overnight rate unchanged at 5%.
The bond market has responded and the Government of Canada's 5 year bond yield has fallen from a peak of 4.41% at the end of October to 3.37% at present. As this yield is a significant component of the spread for fixed rate mortgage products, it could mean that lower fixed rates are on the horizon.
Unless there is a deep recession that triggers job losses and unemployment, I will continue to expect that falling rates will have an effect on backstopping further price declines, and that 2024 will more than likely be a return to a balanced market, with stable and slow growth in prices across all segments.
00:00 Intro
00:37 2023 Recap
02:27 Looking Ahead
05:33 Real Estate News
______________________________________
Alex Carroll is a licensed real estate professional in the province of British Columbia serving the Greater Victoria Real Estate Market
Alex Carroll PREC*
Licensed Victoria Realtor
Engel & Völkers Vancouver Island
alex.carroll@evrealestate.com
alexcarroll.ca
Consider subscribing to this channel to stay updated on more from the Capital Map series and other bits of information on the Victoria BC Real Estate Market.
Let’s connect on social!
Facebook - realestatevic/
Instagram - carrollgroupev
#victoriabc #VictoriaBCRealEstate #VictoriaHousingMarket
My Victoria BC real estate predictions for 2024 in this video!
There have been a lot of ebbs and flows in the Victoria Housing Market with mortgage interest rates, which have had an effect on overall demand in the market. With most major banks offering posted rates above 6%, we are in an entirely different environment than we were just a couple of years ago. The retraction in sales over the last 2 years is probably the best indicator of this that we have:
Unit Sales (Victoria Real Estate Board)
2021: 10,192
2022: 6,924
2023: 5,941
Through sluggish month in sales activity in Victoria BC Housing, our inventory has built to levels not seen since the summer of 2020 during the C-19 lockdowns. Over the last 5 years we have consistently reached our peak of active listings in July, but 2023 has been different. Our peak of listed inventory actually occurred at the end of October (2,776) and marked the 10th consecutive month with more property available than the month previous.
New listings through the fall have outpaced demand and November 2023 had more new listings (858) than any November in the last decade. There is reason to believe that more owners with homes coming up for renewal are deciding to sell than we have seen in recent memory. The conversion of some of these sellers coming to market with below-average demand has led to downward pressure on prices.
Buyers and sellers have to come together to inform this data, and in some cases the backdrop of better market conditions in 2024 has some sellers heading for the sidelines instead of relenting to lower offers in the fall of 2023. Will they have more luck in 2024?
There is reason to believe that we have reached the peak of interest rates/mortgage rates and that as 2024 unfolds, downward pressure on both fixed and variable rates could mean that the market wakes back up again for real estate in Canada (Canadian Real Estate). October's CPI data saw another decline from the previous month (3.8%) mainly due to falling year-over-year gasoline prices. The most significant contributors to inflation remain mortgage interest costs, food purchased at stores, and rent.
Excluding food and energy, inflation fell to 2.7% in October, down a tick from the September reading. Two other inflation measures closely tracked by the Bank of Canada (trim and median core rates) also eased, averaging 3.6% from an upwardly revised 3.8% a month earlier.
The next piece of relevant data was the Q3 GDP release from Statistics Canada. The economy in the third quarter shrank at a 1.1 percent annualized pace, much weaker than the Bank of Canada’s forecast of +0.8 per cent. The contraction almost wiped out all the growth from an upwardly revised 1.4 per cent increase in the second quarter and presents stark contrast to the 2.5% growth rate for Q1 2023.
The two consecutive quarters of GDP at near 0 per cent, accompanied by flat household spending -- the weakest half-year since 2009 outside the pandemic, suggest the economy has essentially stalled, losing much of the strong momentum seen early this year. This reinforces the view that the Bank of Canada's interest rates are sufficiently restrictive to crimp consumption and slow inflation. The Bank of Canada confirmed this sentiment this week by leaving their overnight rate unchanged at 5%.
The bond market has responded and the Government of Canada's 5 year bond yield has fallen from a peak of 4.41% at the end of October to 3.37% at present. As this yield is a significant component of the spread for fixed rate mortgage products, it could mean that lower fixed rates are on the horizon.
Unless there is a deep recession that triggers job losses and unemployment, I will continue to expect that falling rates will have an effect on backstopping further price declines, and that 2024 will more than likely be a return to a balanced market, with stable and slow growth in prices across all segments.
00:00 Intro
00:37 2023 Recap
02:27 Looking Ahead
05:33 Real Estate News
______________________________________
Alex Carroll is a licensed real estate professional in the province of British Columbia serving the Greater Victoria Real Estate Market
Alex Carroll PREC*
Licensed Victoria Realtor
Engel & Völkers Vancouver Island
alex.carroll@evrealestate.com
alexcarroll.ca
Consider subscribing to this channel to stay updated on more from the Capital Map series and other bits of information on the Victoria BC Real Estate Market.
Let’s connect on social!
Facebook - realestatevic/
Instagram - carrollgroupev
#victoriabc #VictoriaBCRealEstate #VictoriaHousingMarket
Переглядів: 2 512
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Nice video Thanks
Most expensive city in Canada - Victoria BC
That's inaccurate, but ok!
@@AlexCarroll then which city is?
@@at6446 it depends what metrics you consider. But both Vancouver and Toronto have higher shelter costs (rent and purchase).
@@AlexCarroll Victoria BC average home price?
HI Alex. Thank you for this content. I will be moving into Victoria very soon and I would like to ask a few questions. You touched on the cost of placing your car on a Ferry. Please clarify: would this mean that I can have my car transported from Victoria to Vancouver on a Ferry? And if so, can I buy a car in Vancouver, drive it to the Ferry station, and bring it into Victoria via the Ferry? Secondly, I am very grateful for the comprehensive video you did on the Victoria BC Neighbourhood Guide. If one were to get a place in either Esquimalt or Victoria worth 850k (which I see your website already lists), with a down payment of 250k, what is the least salary one has to earn need to get approval for a mortgage loan (for the remaining 600k)? Also, can one reach you via your office phone? Thank you.
@@emeralddimus3052 hi Emerald. These are good questions. Might be easiest to unpack over the phone 250-889-9060 is my direct line. Thanks
Thank you so much for this video, it seems very professionally done and it's exactly what I've been looking for. Although I'm Scottish and have lived in the UK my whole life I was actually born in Ontario and have longed to move to Canada for most of my adult life but there was always something getting the way, just by sheer chance my partner has the opportunity of employment anywhere in BC and we've narrowed the search to Victoria or the greater Victoria area, not an easy decision to make when you're planning to move to a country you don't know and you have the wellbeing of children to think about. I've subscribed to your channel and look forward to more Victoria Videos.
Hey there! Thanks so much for the kind feedback. It’s encouraging when people are getting value out of these videos. Will keep them coming! All the best with your move!
its a shit hole
Don’t forget the dying downtown core with the sad Bay and withering variety of shops.
I moved to Victoria 10 months ago and all I can ever think about is the cons. I'm from Alberta and I used to love driving everywhere and doing everything whenever I wanted but Victoria is very restrictive in that sense. I would not recommend moving here to anyone. It's basically an old person town and the downtown is not vibrant as portrayed
Fair enough! It’s not for everybody and I appreciate your candid response. I would agree with you that it’s not a driver’s city. Even so traffic is still miles better than Vancouver or Toronto.
Great presentation
Thanks very much for the feedback!
The production quality of this video is incredible. Great Job Guys!
Appreciate the feedback!
Thanks for the informative video! Why isn't there rideshare there, I want to ask?
If actually just arrived late last year. It still isn’t very popular or widespread but it’s growing!
@@AlexCarroll Thanks!
Well done. Perhaps BC should incorporate your vlogs into their programs for visitors etc. I live in North Saanich but I love Sidney the best.
Thanks for the feedback Darryl!
I was expecting Cadboro Bay to be number one given your history, but I can’t argue with Cook Street Village in top spot. It’s the neighborhood where all newly-divorced dads move.
It was tough not to give Cadboro bay the nod, but wanted to try and speak outside my own bias as much as possible. Appreciate the feedback Russell!
I'm afraid I am going to have to disagree with you with respect to the comment you made disassociating the unhoused to the crime in Victoria. Property crime, thefts from business, assaults, all sorts of disorder is committed by the unhoused. How do you think someone that does not work support a drug addiction anywhere from $200 to $1400 a day? They steal, all the things they have are stolen. There were 7 stabbings within 5 weeks, two of those people died and it wasn't over bubble gum.
You say “ in Victoria” but then you site Sidney etc. I think you should say “southern Vancouver Island” because Victoria is the city on the south of Van. Island, A CITY! Sidney is another city and Metchosin is an area west if Victoria but not in Victoria.
I guess for those that don’t live here it made more sense to lump them in as Greater Victoria. You are quite correct that these are different cities and towns entirely, but I thought this would make more sense to the average person vs. “Ultimate southern Vancouver island neighbourhoods guide”.
Fernwood is the best area to live in Victoria.
If your homeless please come to Victoria it’s the best place in Canada to be.
I miss my old neighbourhood:( Someday..........Great video, Alex
Thanks for the feedback!
What a great video. A Redditor led me here; this should be a Must Watch for every out-of-towner who asks about moving here. (And you made me see how lucky i am to live here, in James Bay). 🥰
Really appreciate the feedback! Glad you enjoyed. James Bay is magic!
Great video. Thinking of making the move from Vancouver for a more reasonable housing price with similar weather.
Better weather in most cases! Thanks for the feedback
8:30 as a european im like bring it on hahaha
Please add more video on Victoria . Lot of people are fed form Vancouver and wants to move to Victoria .
Ok thank you I’m working on it!
I've never seen a city that just shuts down when it snows. Even the transit system shuts down. Most bizarre thing.
Haha it is quite funny but also frustrating!
what is the cost?
I’m sorry but this is from a previous listing - not what is on the market currently
The grounds of RRU and Colwood waterfront are pretty nice.
Totally agree. Gorgeous spot!
Let's see if this video will persuade the riff raff not to move to Victoria.
Doubt it! It’s a great place to live
Great video as its very informative and comprehensive! Thank you!
Thanks for the feedback! Glad you found it helpful!
I'm looking for small piece of land in Vancouver BC
Would you like the contact info of a great agent to help you in Vancouver? Send me an email: Alex.carroll@evrealestate.com
So informative! Thank you! Well done!
Thanks for the feedback! You’re welcome!
Nice home in a nice neighborhood! I am moving to BC next month and not planning to rent more than 6 months because I would like go for a purchase as soon as possible. I planned the purchase near White Rock area initially because we love to be beside ocean and nature, and neighborhoods with good schools but since I started watching your videos, my perspective is changing lol. So I was looking for a minimum 3 bed rentals (furnished as I don't want to rent more than a year) near Victoria until I buy but seems like such rentals are very limited in there from the various listing sites I visited although there are plenty in the mainland. Let me know if you can help me in getting such furnished rentals initially from around June. Thanks a lot.
Send me an email! alex.carroll@evrealestate.com
@@AlexCarroll Thanks. I will contact you closer to my moving date
i found victoria really boring. the downtown was so lack luster considering how much money that city prbly has. the only thing it has going for it is the weather. I like mainland BC so much better than the island
Love how specific you are! Grew up and lived in Vancouver, my family is moving to the island so I will follow soon. Thank you for helping me learn the different areas. Currently looking at detached in Quadra Hillside area
Hey Alex, thanks for the feedback! Don't hesitate to reach out with any other Victoria questions!
Me interesa de un casa de afito Ana Maria
Viv West Park also hosts the Memorial Day Drag baseball game.
The China/Mystic Beach region is transporting.
Gowland Todd is incredibly underrated.
Thetis Lake is within spitting distance of my front door; it's a gem.
I thought you grew up in Esquimalt :P
You thought wrong! But I do love it here in Esq!
Short term things are fucked, long term things are fucked
nice shots mate
Greetings from Sidney. We're full, don't move here. 😅
Greater Victoria cost too much, crappy job selection, everyone is cliquey and anti social. The place is great for you if you like to sit at home every day, know nobody, live poor, and watch your career die. Corporate types are sent into Victoria exile because they want to get rid of them at any other office.
No truer words ever spoken.
2:34... you guys need to get rid of this...
Sorry what do you mean by this?
@@AlexCarroll I meant the current government,..
YOu need to get rid of Trudeau,..
Ok I’m on it!
I actually just walked around Uplands this very afternoon. It's lovely.
Excellent video Alex - good job!
Thanks Anita! Appreciate the feedback!
Rain is better than minus anything Suck it up or leave. Crime in Victoria becoz the government do t give a crap about… the last mayor of Victoria seemed to encourage it. Apparently. Lots of traffic becoz Victoria is the Hawaii of Canada ( warmer) But yea. The rain sucks so stay away 😁
So really for those of us wanting to get in, sitting on the sidelines with a wad of cash, it's really a risky time to buy until interest rates have a 3 handle at the minimum. The opportunity cost lost on 80k to 120k down payment is too high (that's ~7200 per year in a balanced portfolio). Inventory is piling up still. Mind you the best time to buy is when no one is buying which is now, but those rates are killer... qualifying rate is almost 7%..
Totally fair opinion. Remember that prices rose by almost 10% in detached last spring when fixed rates dropped into the high 4% range. Not clear that that will happen again, but possible. Lots of anecdotal evidence in larger metros (Vancouver and Toronto) that consumer confidence has turned a corner. We’ll see…
I predict the Victoria housing market to be relatively flat for the next 18 months, even a 1% drop in rates (most likely late 2024) won't be enough for those that don't already have real estate to get in. Standard SFD in greater Victoria is still 15x the average yearly Canadian salary. The only property changing hands right now are amongst those that already own and have equity. Not to mention many first time home buyers sucked in with FOMO in January 2023, are so underwater they need scuba gear (combination of slipping prices & variable rates killing them)....
You guys are dreaming, look at the irony here your comparing ass wipe to real estate 😆👏
Same scarcity mindset at play in my opinion. You are welcome to your own thoughts of course
I'am from Québec and i live at Victoria since more then 2 years now and i'am agreed with you it's the best place to live in Canada.
Thank you for the feedback! Glad you are enjoying life here!