August 1, 2015 Victoria BC- "Consumer confidence remains very strong and shows no sign of falling off in the coming months. Interest rates continue to be very favourable; many buyers are taking advantage and making a move," adds President Crozier. A total of 796 properties sold in the Victoria Real Estate Board region this July, compared to the 681 properties sold in the same month last year.
For a full statistical report from Victoria Real Estate Board: CLICK HERE
Not only has the weather been warm but our local market in Victoria has been hot since spring. Contributing to the brisk activity no doubt has been interest rates that continue to fall. Combine that with pent up demand and housing inventory that is falling and you've got a hot market indeed.
Many of my fellow Realtors® and I have participated in multiple offers on a single property. It's living proof that the most attractive homes with good pricing will go very quickly.
Note to Buyers: be prepared! Get all approvals in place, etc. so when you do run across your dream home, you can move quickly to secure the purchase.
Note to Sellers: be prepared! Prepare your home so it shines and the first impression is WOW! Price it to be competitive and you may see offers sooner than expected.
Note to investors or would-be landlords: Read up on the most recent announcement by CMHC that makes it easier for homeowners to count rental income towards financing CLICK HERE.