Posted by & filed under BC Real Estate Update, Prestigious, Victoria Real Estate Update.

Lower Prices Benefit Victoria Real Estate

The drop in real estate prices is a big plus for new home buyers. That and some of the lowest mortgage rates we have ever seen, now is really a good time to purchase real estate.

Our governing body British Columbia Real Estate Association reports that residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC declined 67 per cent to $1.07 billion in November, compared to November 2007. Residential unit sales were down 62 per cent to 2,707 units during the same period. The average MLS® residential price in the province was $395,687, down 12.5 per cent from November 2007.

The average sale price of a home in the province hit a 26-month low in November. The irony of markets is that there’s no shortage of buyers when prices are near a peak and a scarcity of buyers when prices are near a trough. Home prices were 8 per cent lower in November 2008—nine months after the peak—than they were nine months prior to the peak.

Today’s home buyers are benefiting from a greater selection of homes for sale, more time to thoroughly investigate their choices and the ability to negotiate attractive prices.

Year-to-date MLS® residential sales dollar volume in the province declined 30 per cent to $30.3 billion compared to the same period last year. Provincial MLS® sales declined 32 per cent to 66,467 units, while the average residential price increased 4 per cent to $455,537 over the same period.

For more Victoria real estate information, just contact Bill or Dave at Properties In Victoria Professional™ team. You can consult their two websites www.PropertiesInVictoria.com or www.PrestigiousPropertiesInVictoria.com or just email Bill and Dave .

Cheers, Bill

Properties in Victoria Professionals- Royal LePage Coast Capital Realty

Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.

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