Is this sale a one off or is 2020 going to be big?

Listing your property for sale in December? Why would you? Potential buyers are at Christmas parties or sitting on the beach somewhere. They aren’t interested in driving around in busy December traffic to look at houses.

I was expecting a slow turn out for a condo listed this week. What happened? I had 10 showings and competing offers. December Buyers really don’t mess around! They are motivated!   … But wait, was this just a situational listing, right time, right price? Or could this tick on the stat sheet be an indication of a big year for real estate sales for Victoria in 2020?

Interest rates remain at all time lows. Hmmm they have been for a while now though. The federal election was over a few months ago…BC has a stable government, no election scheduled anytime soon…BC Speculation tax has been around for a year now, that’s nothing new. I think that a lot of uncertainty that was out there- is for the mean time -gone? Other factors that are influencing our real estate market good or bad – the US economy is doing great, Vancouver real estate market is seeing a bounce back and foreign money from Hong Kong could be trickling in? A lot of new Buyers may be heading to our region.

What about number of houses for sale for these new Buyers? Listings increased in 2019 which can slow the market down. But next year? Some municipal governments in Greater Victoria recently have increased development costs and will now require builders to build homes at a higher efficiency (BC Step Code). These factors could slow new construction and in turn reverse the increase in listings from 2019.

A lot of factors at play here! All contributing to what could be a potentially big 2020. We shall see!