Rates, Renters & Where to Invest Under $500K

Send us Fan MailWelcome back to another Monthly Market Update episode of the Victoria Real Estate Podcast! This week, your hosts Adrian Maclaren, Vincent Baart, and Jocelyn Cseff from the CityNest team at RE/MAX Camosun are joined by returning guest and mortgage expert David Steinberg.We’re covering everything from:The latest real estate stats for May and JuneShifting affordability in BC’s rental marketMortgage strategies in today’s environmentAnd… what we’d each buy if we had $500K to investPlus, we share a few laughs, stories from the past week (including Adrian’s first Indian wedding experience), and give a special shoutout to our first-ever sponsor, Canine Car Care!🔹 Episode Highlights🎧 Sponsored By: caninecarcare.com Clean car = instant confidence. Mobile detailing with a satisfaction guarantee.🏡 Market Update Rundown📊 June 2025 Overview3 years since the 2022 peak — market still down moderatelyNo major crash, but buyers from 2021/22 are feeling itInflation + wage growth are improving long-term affordabilityVictoria's low unemployment and purpose-built rental focus = supply remains in checkWe're likely still 2–5 years away from full price recovery based on historical condo corrections💰 Affordability OutlookAffordability has improved since 2022, but not enough for a reboundAny recovery will likely be slow unless:Interest rates drop significantlyNew construction stays limited💬 Is Now the Time to Buy?Short-term gains unlikely (especially condos)But for long-term buyers, current conditions may offer value🏢 May 2025 Market Recap758 sales (flat YoY when adjusted for business days)Strong new listings — highest trend in 15 years, but mostly recycled inventoryMarket balance improved slightly in MayDetached prices holding, condos slipped againInterest rate decision pending — variable-rate demand now at 44%📉 BC Renters Report DiscussionOnly 53% of renters plan to buy eventually; just 16% in next 2 years59% spend 1/3+ of income on rent; 25% spend over half44% are saving for down payments; 26% working second jobsRents in Victoria remain high:1-bed: $2,160 | 2-bed: $2,890Tenants gaining power, but rent drops may have bottomed out56% of renters support more affordable housing💼 Mortgage Segment with David SteinbergFixed vs variable is nearly a toss-up right nowBond yields up slightly (oil), but no rate impact yetDavid leans fixed — but variable could save ¼ interest if rates dropHybrid mortgages now trending — combine fixed + variable + HELOCOnly available through big banks, not monolinesStrategic mortgage planning more important than ever🏘️ What Would You Buy for $500K?Your hosts and guest debate the best real estate investment under $500K:What types of properties would we choose?Which areas would we target?Is cash flow still king in 2025?📍 Neighbourhood Highlight: EsquimaltLocal community spotlightWhat’s changing, what’s coming, and why it might be worth a closer lookThanks for tuning in! 📲 Follow us on Instagram @Victoriarealestatepodcast 🌐 Connect with us at citynest.ca