In October 2024, the Victoria Real Estate Board region saw 654 property sales—a substantial 60.7% increase from October 2023 and a 14.5% rise from September 2024. Condo sales jumped by 32.6%, with 187 units sold, while single-family home sales surged by 76.2%, reaching 340 units.

Chair-Elect Dirk VanderWal explained that while sales are up significantly from last year, context is key. October 2023 had unusually low sales, the lowest for that month since 2008, which skews the year-over-year comparison. In reality, October 2024’s sales numbers are right in line with the ten-year average, suggesting a return to typical seasonal patterns. Despite the rise in sales, the inventory of available homes has remained steady, contributing to a balanced market that benefits both buyers and sellers.

At the end of October 2024, there were 3,161 active listings on the Victoria Real Estate Board MLS®, 6% lower than in September but 14.7% higher than October 2023’s 2,756 listings. 

VanderWal noted that the recent drop in interest rates may be drawing more buyers and sellers into the market, a trend that could continue into November, when the market usually begins its winter slowdown. The current market allows for more negotiation and decision-making time, with fewer bidding wars. Looking ahead, VanderWal advises consulting a local REALTOR® to navigate what may be an unpredictable winter market.

***Discretion—I collect the information in the charts above using the VREB and VIREB statistics calculator provided to determine month-to-month reports on residential units in the Greater Victoria and Nanaimo regions. I use the overall average statistics to determine the monthly price of sales.

In a bold move, the Bank of Canada dropped its overnight policy rate from 4.25% to 3.75% this morning. With the economy running below capacity and inflation cooling, the Bank aims to kickstart growth and keep inflation in check. Growth is expected to pick up from 1.2% this year to 2.1% in 2025, while inflation remains close to the 2% target.



This larger-than-usual cut suggests the Bank isn’t shy about making aggressive adjustments to stay on top of economic trends. Keep an eye on December, as more cuts could be on the way, talk of another 50 points, if the economy stays sluggish or inflation dips further. Meanwhile, Canadian 5-year bond yields—a key player in mortgage rates—have nudged just above 3%, signalling a watchful market.

This new portal will provide clients with a fresh, modern interface and features that include: 

ONEHOME SEARCH EXPERIENCE 

With OneHome, clients can access listing data more easily than ever. The search offers options to help narrow down the properties that suit clients needs the most, and OneHome’s functionality makes it simple to find the details clients are looking for in each listing. 

NEIGHBOURHOOD INSIGHTS 

Powered by LocalLogic, OneHome showcases information for each listing about walkability scores, points of interest, demographics and more. 

COMPARE 

Allows clients to easily compare listed properties side-by-side in a comparison report with details about property information, estimated mortgage payments & monthly costs and more. 

AGENT BRANDING 

The new CoreLogic Branding Center enables agents to showcase their brand seamlessly across the CoreLogic product ecosystem. Once set, their branding will appear consistently in Matrix, Prospects Mobile and OneHome. 

MONTHLY COST CALCULATOR 

Potential buyers can estimate their monthly costs for any listed property, related to typical monthly expenses like mortgage, property taxes, home insurance, Strata fees and utilities. 

PUBLIC SHARE 

OneHome now supports public share links in Matrix, enabling REALTORS® to quickly share listings via text, social media, etc. to streamline their workflow. 

FAQS 

A newer experience sometime requires guidance. So that REALTORS® don’t have to play the role of support, the “HELP” page will be available to both REALTORS® and their clients for easy access to topics and helpful info for both audiences. 

Sorry for the previous video link! Didn't catch it in time! My apologies!

Oh my, what a frightful night it was,

full of goblins, headless corpses,

witches and ghosts

it brought,

They knocked and rattled,

behind the big door,

they yelled and screeched,

" trick or treat we want!"



The night was long and dark,

with the full moon shining bright above.

But all things came to a happy end,

when a thick fog slowly creeped in,

scaring all the goblins, headless corpses

witches and ghosts,

at midnight,

back to their resting places.

Hope all of you had a wonderful Halloween Night!

Consider incorporating my services if you, your family, or your friends are exploring real estate transactions in the current market. I'm here to assist you or them in discovering the ideal home or confidently selling your property.

Contact: (250)888-7042

Email: dastyk@shaw.ca