2007 Bodes Well For All In Victoria Real Estate
2007 BODES WELL FOR ALL IN VICTORIA REAL ESTATE
In 2006 the value of all property transactions through the Victoria Real Estate Board's (VREB) Multiple Listing Service hit a new record high of nearly $3.4 billion in 2006, up from $3.2 billion in 2005.
For the first time in history, the value of single-family home sales exceeded $2 billion; the value of all condominium sales increased by nearly seven percent to over $614 million. The overall average price for single family homes for the year rose by 12.5% to $521,460; the average for condominiums rose by 13.6% to $286,058 and the average for town homes rose by 6.3% to $366,080.
In addition, last year more properties became available for sale and the rate of price increases slackened a little bit. "Volume and average transaction values were both healthy; "notes Judy Gage, President of Royal Le Page Coast Capital Real Estate. All indicators point to a strong and stable real estate market in 2007. "We expect to see a wide choice of properties available for buyers coupled with strong demand for homes that re priced realistically. Prices are expected to increase during the year, but at t more modest pace than in recent years."
Victoria will remain an excellent real estate market for the long term. In-migration is predicted to remain strong, employment is up and we continue to be ranked as one of the most beautiful cities in the world, according to the prestigious travel magazine, Conde Nast Traveller.
For more information on the burgeoning island real estate market, please call Brenda Russell at 250.744.4556 or toll free from anywhere in North America at 1 800 550 0585.