Real Estate In Victoria BC - Victoria BC Real Estate First Quarter update.
The Victoria Real Estate market has been very busy for us over the last few weeks. We have many new listings coming to the market and there are some good deals to be had out there.
British Columbia Real Estate Association (BCREA) reports residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC dipped 1.8 per cent to $8.9 billion during the first quarter, compared to the same period in 2007. Residential unit sales declined 13.5 per cent to 18,635 units during the same period. The average MLS® residential price in the province reached $478,423, up 13.5 per cent from the first quarter of 2007.
“The housing market lost some steam during the first quarter,” said Cameron Muir, BCREA Chief Economist. “Eroding affordability has squeezed some potential buyers out of the market, while uncertainty about the duration and impact of a weak US economy and housing recession likely has some consumers sitting on the sidelines.”
“Despite weakness in the forest sector, economic fundamentals in the province remain strong and continue to underpin housing demand,” added Muir. “A 25 per cent increase in the number of homes for sale is providing home buyers with more selection and reducing the chances of competing bids on the same property.”
March MLS® residential sales volume fell 12.4 per cent to $3.48 billion compared to March 2007. Residential unit sales declined 22 per cent to 7,128 units in March, while the average MLS® residential price increased 12.3 per cent to $488,796 compared to March 2007.
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