It's about time.  The trend has to keep going towards housing affordability.

Only greater fools are getting dragged into bidding competions.  They're catching a falling knife buying right now.

The bubble has popped but still way overpriced the cliff is getting closer

No

It's NOT a buyer's market, especially for detached

The only bonafide, observable, non subjective metrics are increase in inventory and increase in mortgage delinquencies.

But, prices have nothing to say.

Housing prices still need to drop significantly. 450K for a one bedroom condo is at least 100k overvalued. Victoria is not a major financial centre, it is a lifestyle enclave for retirees.

Many sellers are still trying to recoup there 2021 & 2022 purchase price vis a vis transactions - they are listed to high and out of touch to say the least.  They are going to be chasing the market down and lose more money than if they would of listed at market value.⬇️

prices are banging off the ultimate floor price: cost of building.  You folks who think homes have to go lower are delusional.  Instead new condo projects are coming to a halt.  Single family homes are disappear - torn down more than new ones built.  That all leads to a future shortage of homes for sale and return to climbing prices in a K shaped economy.

It’s slow in Comox Valley as well. Only 37 sales compared to 59 last September last year Condos and townhomes down 28%. This feels like the 1995 to 1999 market houses went down a little each month.

I have ridden out two significant market downturns.  The only people that lose money are the ones that HAVE to sell in a buyer's market.  Low risk Real Estate investing is a long-term process. This is not the time to be a house flipper.

The people completing purchases currently either do not care about hundreds of thousands of dollars or are in a time sensitive situation. The next 2-3 years will hard on home values. Some people have rate holds that they prefer to use before they expire but that is short sited IMO. A ton of junk inventory being listed now.

K shaped economy is mirrored in the housing market.

Prices will continue drop to where the average consumer will be willing to pay x3 annual Victoria income. The Chinese housing market has collapsed, investors have rotated to more profitable markets and our economy will collapse within the year. The market is doing what the market does.

Curbing development on the spurious pretext of securing food evokes the intended emotional reaction. It supports restricting supply and use of land to keep home prices rising. The current owner can grow produce on grossly overvalued land that is already his, but no successor may purchase this property for farming without incurring enormous loss.

The most productive land for growing wheat, for example, is $500 per acre and it takes a minimum of four sections in order to justify purchase of machinery. A tractor costs $750,000. ALR has caused prices to rise to $20,000 to $50,000 per acre and up.  This property may revert into wild shrubbery, but its subsequent use will not be for agriculture.

Staple food in Canada is livestock and grain grown far away from cities that is not at risk by urban development. Produce in stores beyond the three weeks harvest time that is imported must be relegated to the category of luxury fare. Other kinds of food are not grown in this country. Canadian cuisine has traditionally been referred to as meat and  potatoes.

In order to save land for agriculture, land must be made available for all purposes. Balanced use keeps pace with population growth that is supported by industry, so prices do not climb beyond inflation. A five mile by five mile city in extent will save the Fraser Valley for farming for generations and more to come. With restrictions absent this land is not suddenly all going to be developed. Expansion is restrained by limited job growth.

Agricultural land reserves are a device that turns farmland into country estates of the wealthy.

The downturn is heading East to West. It is currently in unchartered territory in Ontario, and now there are massive losses in Vancouver Luxury market. Soon people will say.. why am I paying multi millions in Victoria when the same money now buys me a house in N. Van, or even West Van.

Now correct it to inflation and it looks BAAAAD.

Priced out a new rancher build and prices came in over 900k for an 1800sqft bungalow with unfinished basement plus the lot, plus services.
Strong demand for single family homes..condos, townhouses are hurting.

Who would have known??? LOL The wave always hits once Vancouver is dead. Been this way since the beginning of time. I guess people forget early.

The unfolding remortgage crisis is just happening now...

Most Canadians don't know how much cover Covid provided the Trudeau Liberals as the economy was already showing warning signs.

Yer boys won't be getting out bid this time next year!  Fall 2021 was the heyday of cheap money.  Why don't you make a video on mortgage renewal pain that happens over the next six months?  A TON of borrowers going to be breaking in 2027.  Sell now or forever hold your pieces

I don’t feel SFD has gone down at all. Seems business as usual