The Victoria Real Estate Market is very active with record sales and prices. British Columbia in general is following the same trend. A recent article by Canwest News Service published in the Times Colonist reads:
Retirees help push home sales up 14%
The cool, damp summer may have been disappointing for campers, but all those rainy weekends must have been good for house-hunting — particularly in retirement hot-spots such as Vancouver Island, Kootenays and the Okanagan.
British Columbia home sales were 14 per cent higher in the June-through-August period than they were in summer of 2006, the B.C. Real Estate Association reports. And August sales were 25.9 per cent higher than the same month last year, with residential unit sales hitting 9,833.
“Despite eroding affordability, home sales are on a near-record pace,” BCREA chief economist Cameron Muir said yesterday.
B.C.’s already prohibitive housing affordability levels deteriorated even further during the second quarter of 2007, the Royal Bank said earlier this month. The RBC affordability index, which measures the proportion of pre-tax household income needed to service the costs of owning a home, put the cost of owning a detached bungalow at 65 per cent.
But Muir noted that while the average home price across the province is climbing at a year-over-year rate of 12 per cent, that’s down from the high of 21 per cent reached in June 2006. And prices are expected to cool even further, Muir said, adding: “Less upward pressure on home prices is expected over the next 24 months.”
Aging baby boomers, either retired or planning for retirement, continued to buoy the B.C. housing market. “Preferred retirement locations, such as Vancouver Island, the Okanagan and Kootenays, have experienced the largest increases in home sales this year,” Muir said.
The South Okanagan Real Estate Board reported in August a 26.5-per-cent increase in unit sales over August 2006, while Vancouver Island and Victoria boards’ August-to-August numbers were 19.5 per cent and 21.6 per cent respectively. The increase in the Kootenay board’s region was a more modest 10 per cent, while in Greater Vancouver unit sales were up 13 per cent from August of last year.
But the Kootenay board reported the biggest percentage increase in average sale price, up 30.6 per cent over August 2006. Vancouver Island jumped 11.2 per cent and Victoria 8.6 per cent. The province-wide average price of a residential unit hit $439,931, up 11.8 per cent from August 2006. End of Article.
We firmly believe this trend will continue and that the prices will continue to climb, but at a more moderate pace. We would love to hear your comments, just drop us a comment below.
If you have any questions about any of the projects or Victoria Real Estate in General, you can contact us anytime.
Anders Treiberg, Associate Broker, REALTOR®
Properties In Victoria Professionals– Royal LePage Coast Capital Realty Anders Treiberg has been a REALTOR® in Victoria, BC. since 1990. He has extensive Real Estate Expertise and can be reached on his website www.PropertiesInVictoria.comAll Articles More Like This