Updated: Dec 29, 2021
The Greater Victoria, BC residential real estate market remained strong last month, and favors sellers still. Some of the upward pressure may be caused by a rush of home buyers wanting to beat the B20 tightening mortgage rules coming into effect in January 2018. It will be easier to qualify for a purchase or a refinance if you get an approved mortgage prior to that.
Either way, I expect the rate of price appreciation to slow as average home prices exceed the CMHC purchase insurance limit of $1,000,000 and also because local incomes may have reached the limit of what they support mortgage-wise - especially under the new qualification guidelines.