The Victoria real estate market is probably in for another soft year in 2013. The listing inventory is still high, and the number of sales are still about 30% off the busy market cycle peaks from 2002-2008. This supply demand ratio will ultimately lead to a continued softening in prices for most sectors of the market. However, the supply balance might change slightly in favour of sellers, and prices may hold fairly firm for most of 2013 if the recent increased buyer activity continues throughout this year. There appears to be a built up demand of buyers, and eventually when they start buying, we will see a much more dynamic market. When this will happen is hard to say. Most are predicting it might take another 1-2 years. We will see…
In the meantime, here a few few links to various real estate sources that may be of interest to you:
I have just released my latest quarterly newsletter. Click on the following link for details: https://www.dalesheppard.com/newsletter/Newsletter_Winter_2012.pdf
For the latest historical statistics from the Victoria Real Estate Board, click here: http://www.vreb.org/mls_statistics/historical_statistics.html
Also, I have aFacebook page which hilights real estate news and listings in the Victoria area. Click on this link and hit “like”: http://www.facebook.com/VictoriaBCProperties
All the best in 2013!
Dale.
