The Royal LePage House Price Survey and Market Survey Forecast found that the aggregate price of homes in Victoria has reached new heights in the second quarter of this year, dramatically increasing by 20.4 per cent year-over-year (up to $628,249).
Intensified demand played a major role in this growth, with bungalow and condo prices spiking upwards by (respectively) 26.7 per cent and 22.9 per cent year-over-year, up to $677,276 and $443,212. Meanwhile, the median price of two-storey homes grew by 14.1 per cent annually, up to $852,859.
“[Low interest rates and the region’s strong economy drive many prospective homeowners into the market,” Royal LePage Coast Capital Realty managing broker Bill Ethier said.
“While Victoria has seen a slight slowdown in the number of purchasers looking to move into the region from the Lower Mainland, critically low inventory levels have continued to bolster pricing within the area, creating a highly competitive market where properties often receive multiple offers,” Ethier explained, adding that the city has already lost approximately a quarter of its inventory over the last year alone.
“Currently, we’re witnessing significantly more offers being written than there are units being sold, as there is very little to choose from within the region. As a result, many will continue to aggressively pursue the few available listings that remain on the market, causing pricing to reach new heights.”
MBN
We hope you are finding our Blog informative and enjoyable to read while keeping you up to date with the ever changing real estate market.
Please feel free to contact me via Direct/Text or e-mail at any time and my team will be pleased to assist you, family members and friends with all your real estate needs. Referrals are always welcome!
No comments:
Post a Comment