Blog by Brenda Russell

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Victoria Real Estate

Tony Joe (Victoria Real Estate Board President) recently held a 'Crystal Ball Outlook' at the Ambrosia Event Centre in January with other presenters and offered a positive outlook for the year.

Tony noted that both sales and overall prices increased moderately last year and there is every indication that, barring unforeseen political or economic circumstances, we can expect a strong, stable and balanced market for the rest of this year.  Tony summarized the situation as follows:  "It's likely that the rate of increase in prices will be in the single digit territory with continued strong demand resulting in healthy sales."  Tony noted that Victoria will always be one of the most desirable places in Canada in which to live, "In the long-term that can only mean a strong and healthy real estate market."

Cameron Muir,  (British Columbia Real Estate Association's Chief Economist) noted that British Columbia is out performing the national average in terms of economic growth; inflation is under control and consumer confidence remains strong.

Lee King, (CMHC Corporate Representative) predicted housing starts would decline slightly this year and noted that rents are rising at about five per cent a year and Victoria has the lowest rental vacancy rate of any metro area in Canada at 0.5 per cent.

If you have any real estate needs or wants please contact Brenda.  I hope this was interesting for you...stay tuned for more updates.