Real Estate Market in Victoria, BC
Posted on 07. Mar, 2010 by admin in general
The local Real Estate Market in Victoria, BC, Canada, is not performing as poorly as the news rags are â??reporting.â? The market statistics for this year compared to previous years show only a decline in sales volume; while the median selling price for a single family home remains virtually the same as last year, at $512,000 (last year it was $515,000.) There are many more home to choose from than previous years, so Buyers have the luxury of taking a little more time to select their perfect home.
As for the general market trend, it has been following closer to a â??normalâ? cycle throughout the year: sales prices & activity higher in the first & third quarters and the second (and probably the fourth) quarters following at lower levels. We are still seeing â??well-pricedâ? properties that have been nicely presented selling very close to asking price (or over asking price) with multiple offers â?? much to the chagrin of the news reporters and â??expertsâ? that are predicting (or should I say provoking) a market down-turn.
We have noticed that a good portion of the residential Buyers seem to be originating from the Victoria/Vancouver area â?? either as first-time buyers, or people moving up or downsizing their homes. Decent revenue producing properties and office buildings in the downtown core are becoming a rarity because of the healthy vacancy rates.There has been a very large decrease in customers coming up from the U.S. to buy second homes, probably because of the value of the dollar changing so much and because of the devastating real estate market conditions that have precipitated in the South. The Greater Victoria (and possibly the Vancouver) area seem to be fairly isolated from our close American neighboursâ?? real estate problems.Now, I am not a financial expert by any means, but I think that all of the problems that are currently reeking havoc in the U.S. stem from the huge sale of the sub-prime mortgages to not-so-qualified Buyers; whereas, I think that we have a more strict mortgage qualification system in Canada and that probably helped avoid a devastating crisis that would have been similar to what seems to be taking place South of the Border.
So, if you read any â??doom & gloomâ? about real estate in our neck of the woods â?? donâ??t believe it!! Check out where the information is coming from â?? itâ??s probably speculation from people who arenâ??t in the field and donâ??t really know whatâ??s going on. Listen to the Local Experts!
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