Victoria Market Recap
Demand Surges against
Spring is typically when the Real Estate market picks up, but to be honest, things have been swinging since the beginning of 2021! Even so, we expect an uptick in activity and that means deals happen fast.
There has been a bit of stabilization in condo pricing and availability since January, but the mainstay continues to be the high demand and low inventory for Single Family Homes.
Multiple offers and competition are driving up prices. The benchmark value for a single-family home in the Victoria Core in February 2020 was $870,300. The benchmark value for the same home in February 2021 increased by 9 percent to $948,200.
Victoria Real Estate Board President, David Langlois, says that these trends are likely to continue as demand suppression and foreign buyer tax implementations have not quelled the domestic demand to live in our beautiful island city. He also stresses that making space in our communities with "gentle density and the building of new homes is the only pathway to moderate housing prices in our area".
If you are thinking about making a move but have concerns over finding the right home for your family in such a fast market, I’d love to have a chat with you. There are a lot of options and routes that may be available, that you might not be aware of.
As a Real Estate Professional, I have my finger on the pulse of what’s going on and speak with other agents on a daily basis. I have the confidence I can help you get you where you want to go, with the minimal amounts and stress and maximum amount of benefit!