Victoria Actual Property Market demand surges in opposition to restricted provide
A complete of 863 properties bought within the Victoria Actual Property Board area this February, 53.3 per cent greater than the 563 properties bought in February 2020 and 33.6 per cent greater than the earlier month of January. Gross sales of condominiums have been up 65.7 per cent from February 2020 with 290 items bought. Gross sales of single household houses have been up 43.9 per cent from February 2020 with 390 bought.
“Our early spring market is in full swing carrying on from a quick begin in January,” stated Victoria Actual Property Board President David Langlois. “Our market stays one with tightly constrained stock and excessive demand. The excellent news is that we have now seen some stabilization in listings and condominium pricing between January and February, however we proceed to see enormous stress on single household houses – new listings are snapped up as quickly as they’re listed. In consequence, the stress on single household houses continues to ramp up. There may be important competitors for fascinating houses – and in our market most houses are fascinating – and folks competing for properties pushes costs up.”