The Victoria real estate market has started out very strong in 2018. Prices have remained high, with the average price of a single family home chalking in at just over $831,000, which is about 10% higher than a year ago. Condos, at $445,000 average price, are up 20% from one year ago. Sales have softened slightly, but this is due to the low inventory level of homes for sale, which should increase in the coming months, as most Victorian’s choose to list their homes for sale when the weather improves, and the flowers are out.
The forecast for 2018 is similar to that of 2017, with continued high prices, low inventory, and bidding wars on most good homes. However, if the interest rates continue to go up and the new mortgage stress test rules take some buyers out of the market, Victoria could see listing inventories increase, creating a more balanced market in the mid to latter part of 2018, which will make it much easier for buyers to find homes, and for sellers to still get a good price for their home. Victoria remains a globally desirable city and our real estate will always be a good investment
In the meantime, if you are thinking of selling, now is a great time to take advantage of the high prices throughout the Greater Victoria region, which should continue for the foreseeable future. If you are a buyer, we are approaching the spring season, with the highest number of new listings coming on the market compared to any other season throughout a typical sales year, so the choice of homes should improve steadily over the next 90 days.
Contact me anytime for a property evaluation, or if you are thinking of buying in our beautiful city, or if you just have any questions about the real estate market in Victoria. I can be reached at 250-744-0844. You can also email me anytime at dale@dalesheppard.com.
All the best in 2018!
Dale.
Here are a few links to various real estate sources that may be of interest to you:
1. Up-to-date real estate information on my Facebook page: VictoriaBCProperties
2. Latest Website Newsletter: Newsletter
3. Latest historical statistics from the Victoria Real Estate Board: VREBStatistics
4. Search for Victoria Properties for sale at my website: www.DaleSheppard.com
