Real Estate Information and Market Trends| Real Estate Victoria BC

The Real Estate Market in Victoria is remaining very strong and right now we have a shortage of inventory of good products. It is interesting to look at other parts of the country and why not look at the West Island in the Greater Montreal Real Estate Area.The Broady Real Estate Team consisting of Libby Broady, Sean Broady and Catherine Broady. The latest update from them reads:

West Island Market Update

2007 was another positive year for the local real estate market. We saw healthy activity and growth throughout the West Island and the good news is that all indicators point towards another good year in 2008.

According to statistics from the Greater Montreal Real Estate Board, the average price of a single family home in the West Island increased from $346,358 in 2006 to $358,086 in 2007 for an increase of just over 3%. The number of sales was also up by almost 11% which was a good indicator that buyer activity remained strong.

As we look forward to 2008 we are expecting a slight correction in the market and a slowdown in new housing starts. We have been hearing a lot of bad news about the U.S. housing market, but most experts agree that we do not have the same precursors to a crash as was the case south of the border, namely “spectacularly irresponsible lending practices and speculative buying”. The Canadian Mortgage and Housing Corporation (CMHC) predicts that the 2008 re-sale market will remain solid and recent interest rate cuts can only help buyer confidence. If you are considering selling your home, please call us for an experienced and professional approach that will guide you through the entire process. For more information on the West Island market contact the Broady Team on their website.If you have any comments on the above please drop a note below. Further feel free to contact us any time.