Currently, it’s a Seller’s Market
As of the first quarter of this year, the real estate market in Victoria is extremely hot. While prices of real estate are trending upwards at a very fast pace, it remains to be a seller’s market.
At present, inventory is at 1.3 months, a lower than usual inventory, especially during this season.
Single family home price tags (median) rose by 16 percent to about $752,000. On the other hand, condominium unit prices (median) also rose albeit at a slightly lower rate of 14 percent to around $355,000.
Assuming the prevailing conditions remain constant, it is forecasted that price tags for single family homes could go up by 15 percent or $114,000 per year.
Where will this bring Victoria?
The real estate market in Vancouver has shown signs of slowing down. The question is will Victoria go the same route? As of now, there is a slack in inventory while demand is robust. Prices are soaring too. A typical home located east of Victoria was sold for more than $900,000 late February this year. By the first week of March, the same property was up for sale at around $1,200,000.
Experts say that if these high prices will prevail, the market will slow down. They warn, however, that there will be stiff competition among new listings and advised that it’s going to be a seller’s month.
Spring in Victoria
Observers note that it is highly possible that the market became sober the past months because of natural occurrences that affect Canadian markets. Snowfall over Victoria has definitely delayed open houses. This has dampened sales but as spring kicks off, inventory might eventually move upwards as more sellers enter the market.
Our Neighbor to the North
They has also seen some rapid increases in interest especially from those who’ve sold their home or condo in the high priced Vancouver market and are looking to stretch their money in a lower key locale like the North Island. Developments around the region are springing up and leading real estate agent had this to say, “with the medium home prices quite a bit lower than in Victoria, we are certainly seeing growth in interest from particularly the retirees.”