Victoria Real Estate Market Update – August 5, 2021

It’s a bouncy market out there. Sellers, Buyers and their Realtors will have to be adaptable as things are changing. Here are the latest statistics about Real Estate in Victoria. Below we have a summary of the real estate market: In essence, the housing prices have caught up with the outlying buyers and now the market seems to be settling. No longer are we getting extraordinary prices for regular homes. And, sellers listing high are finding their homes sitting a little while longer, while those who are listing reasonably are getting attention and offers within a week or two. Buyers are always sensitive to whether or not they are buying in a climbing market (and thus they are willing to pay more), a balanced market (they will ask to be kept informed while they look around at other homes), or a declining market (they will be turned off by seemingly innocuous things and become picky. In other words, we are experiencing a bit of a SHIFT. However, that being said, the very low inventory is keeping our housing market going steady. As well, we have an influx of people from elsewhere in the country. In fact, of those who are buying from outside BC, over 30% of them are from Ontario/Quebec and Alberta. I hypothesize this is because we have good health care, warm weather and have had low covid numbers. I go into this in more detail here in this video on my YouTube Channel. I invite you to subscribe and watch me every Monday morning at 10 am here on YouTube or my Facebook Channels. #VictoriaMarketUpdate #RealEstateUpdate #YYJRealEstate