In July the Bank of Canada ramped up interest rates B次元官网网址� for the first time in seven years B次元官网网址� to 0.75 per cent, scrambling investors and prospective homebuyers alike to find the best possible deal before itB次元官网网址檚 too late.
In Oak Bay, the increase wasnB次元官网网址檛 welcome either, but nor was it earth-shattering, noted local Royal LePage realtor Andrew Swan, adding itB次元官网网址檚 more so first-time homebuyers that will feel the biggest hit.
B次元官网网址淭he people who live in Oak Bay are different than other areas, because in other areas youB次元官网网址檒l have a lot of first-time homebuyers being affected, whereas Oak Bay people are stepping up,B次元官网网址� he said. B次元官网网址淚tB次元官网网址檚 a saught after area, itB次元官网网址檚 beautiful. People flock to it. Generally people who move there have a higher income, so they not be affected as much with the increase as opposed to a first-time homebuyer trying to get into the market.B次元官网网址�
Swan pointed out the rate hike will affect the amount of properties being sold, and potential residents may find more rental housing, because as interest rates go up, rent goes up too.
Still, Oak Bay is kind of a different beast, largely because of its unique old-style charm that isnB次元官网网址檛 seen anywhere else in Greater Victoria.
B次元官网网址淧eople want character homes. You see a lot of new construction, but generally, people in that area like the aesthetics of oak Bay, so they want to preserve the character and put the work into that,B次元官网网址� Swan said.
Unlike the start of this year, inventory has also been on the increase, with more and more options trickling out into the local real estate market. With interest rates going up, Swan said people are probably going to want to get locked into a fixed term with their mortgage, and they can get it at the lower interest rate.
One thingB次元官网网址檚 for sure: everything is selling quickly these days in Oak Bay, family homes in particular.
B次元官网网址淎nything three bedrooms or more fly off the market in Oak Bay, because people want their kids to go to school here, and they know itB次元官网网址檚 a good community to be in,B次元官网网址� Swan said, adding houses between $800,000 and $1 million seem to be the ones that get fiercely competitive with multiple offers.
With that, of course, comes with a punishing cost to others looking to enter the market: the higher you go on price, the less people can afford.
B次元官网网址淭his is where you see all these competitive bidding wars B次元官网网址� if itB次元官网网址檚 good product, people arenB次元官网网址檛 afraid to pay, because they want to live in that area, and want their kids to grow up in that area,B次元官网网址� he said, adding it tends to be easier to sell to Oak Bay, and having such proximity to schools plays a significant factor.
As such, both South Oak Bay and North Oak Bay remain hot areas, with North Oak Bay being the hottest for sales in the last two months, Swan explained.
Going forward, Oak Bay may see an influx of buyers over the next little bit.
B次元官网网址淰ictoria, especially Oak Bay, itB次元官网网址檚 just a very consistent market, people will always want to live here, and there will always be a buyer for a home in Oak Bay,B次元官网网址� Swan said.
For more info on how you can get into Oak BayB次元官网网址檚 housing market, please contact realtor Andrew Swan at the Royal LePage office: 250-592-4422, or his mobile, 250-686-3145.
