The real estate market has been very busy again in 2017. This is great news if you are a seller, as prices are up about 20% from one year ago in almost all regions of Greater Victoria. Sales have slowed slightly from the records set in 2016 but only because there are not enough properties for sale at this time. There were over 4000 properties for sale 2 years ago, and that number has dropped to just over 1500 as of April, 2017. This leaves very little supply for the buyers at this time. Also, most Victorians like to list their properties when the weather gets nicer and the flowers are blooming, but 2017 has seen a slow start as far as the sunshine is concerned. However, the last few days have been nice, so we should start to see more inventory coming on in May. The average single family home price has reached $790,000 in Greater Victoria, while the usually lower priced condo market is also seeing significant price increases. Overall, it is a strong market with no signs of slowing down.
In the meantime, the local Victoria politicians are trying to implement some taxes to try and slow down this heated market. These include the foreign buyer tax and vacant land owners tax, similar to the taxes implemented in Vancouver last year, in hopes of lowering prices, and adding more homes and rentals to the local market. The jury is out on the effect of these taxes, so stay tuned and I will update you in the summer.
At this time, with prices at records highs, if you are selling, you are walking away with a nice sum of money. This is great for retirees, or those that are moving to other locations with lower price averages than Victoria. On the flip side, if you are trying to find a home, you have to be very patient, as it will probably take longer than you first anticipated to find that right home. However, if you keep at it, you will find the right home, as there are new listings coming on to the market daily.
All the best this spring and I will touch base again mid summer.
Sincerely, 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 at my website: www.DaleSheppard.com
All the best to you and your family, and have a great 2017!
