Real Estate Information and Market Trends| Real Estate Victoria BC

Victoria Real Estate More Affordable

Looking at the stock market over the last few weeks, I’m sure you are happy that you own Real Estate. There is always some good news if one look for it. With the prices stabilizing, Victoria real estate is becoming more affordable.

Just recently British Columbia Real Estate Association (BCREA) reported that residential sales dollar volume on the Multiple Listing Service® (MLS®) in British Columbia declined by 39 per cent to $2.1 billion in September of this year, compared to September 2007. Residential unit sales were also down a total of 34 % to 5,107 units during the same period. The average MLS® residential price in BC was $412,149, this is down 7 per cent from September 2007.

Weaker consumer demand and a large number of homes for sale are having an impact on home prices in the British Columbia. Despite relatively strong fundamentals, consumer confidence is low in BC. The global liquidity crisis and volatile equity markets are intensifying this sentiment, causing many households to pull back spending on major purchases, and real estate is one of them.

However, affordability is improving. The carrying cost of the average home in the British Columbia is now lower than at any time since the end of 2006.  

Year-to-date MLS® residential sales dollar volume in the BC declined by 24 per cent to $27.5 billion compared to the same period last year. British Columbia MLS® sales declined 28 per cent to 59,742 units, while the average residential price increased 6 per cent to $460,621 over the same period.    

If you are buying and are looking for a specific type of property like a small condo or a prestigious ocean front estate, we have the tools to make your search easy. Just go to our website www.PropertiesInVictoria.com, it’s your one stop shop for real estate.

Cheers,
Bill

Bill Ethier B.Sc – REALTOR®

Properties in Victoria Professionalsâ„¢- 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.