The post Mortgage Pre-approval appeared first on Dale Sheppard.

The Victoria real estate market is still strong but showing signs of slowing down this fall. Prices seem to have plateaued as the July and August average prices have hit a ceiling. The average price for a Single Family home is sitting at about $880,000. The number of monthly sales are also lower, but this has been consistent for each month this year. So far in September, the listing inventory is still increasing which will give buyers more choice this fall and into the winter months. There are currently about 2600 properties listed for sale on the lower Island compared to about 1900 this time a year ago.

The next 60 to 90 days should provide a better perspective of where the market is heading. It is still my prediction that the overall prices will start to drop a bit in the coming months. Homes that are not priced sharply will sit longer on the market. Some areas will remain very active, but others will start to slow as inventory builds. Listings for Condos, townhouses and Single Family homes under the $750,000 range should remain very active this fall and homes above this range need to be marketed well and priced correctly.

The Bank of Canada might be increasing their rates again by another .25% in October, so this may further slow the market, and make it harder for some buyers to qualify for a mortgage at higher levels. Now would be a good time to get another mortgage pre-approval and try to lock it in for as long as you can, in case the rates continue to go up this fall.

Overall, depending on the location, buyers are now in a much better position when shopping for a home, as they can take their time, do proper research for each home, and not have to worry about competing with other buyers for the same property, unless the home is under priced or in an extremely desirable neighbourhood. Victoria is still a good market for sellers, but the higher listing inventory has resulted in a more balanced market, so Sellers need to be priced correctly or their homes will be overlooked by buyers.

In the meantime, have a great start to the fall, and if you or any of your friends or relatives require any real estate related information or assistance please call or contact me through my website: www.dalesheppard.com. I look forward to hearing from you.

Check out all of the Latest Greater Victoria Real Estate Statistics here

Click here for List of Upcoming Open Houses in Greater Victoria

The post Victoria Real Estate Market Update – September 2018 appeared first on Dale Sheppard.

Overall sales are still following a similar path to the 2012 numbers, but listing inventory is creeping down, and if this trend continues, we should see a more balanced market into 2014. The supply balance is still leaning in favour of the buyers, and there are no signs of this changing for the remainder of this year.  Most pundits are still predicting it might take until late 2014, or early 2015 for the economy to improve, and real estate to pick up as well.  The long term interest rates have increased significantly in the last 6 months, and this might be a catalyst to further slowdowns in sales over the next year. Again, we will see…  Prices seem to be holding tight for now with not much movement, but if your home is slightly over priced, it will not sell.

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 for details:  Newsletter

– For the latest historical statistics from the Victoria Real Estate Board, click here: VREBStatistics

– I have a Facebook page which discusses real estate news and listings in the Victoria area. To stay informed, click on this link and hit “like”: VictoriaBCProperties

– Search for listing at my Victoria BC Properties website: DaleSheppard.com

All the best to you and your families throughout the remainder of 2013!

Dale.

The post Victoria Real Estate Market Update – Fall 2013 appeared first on Dale Sheppard.