It seems to be a well known trend on Vancouver Island, but if you haven't been following the market, here is some news about the early spring real estate market in the Victoria area and on Vancouver Island in general.
Blossoms are poking out in many places. This usually signifies a tapering off of rain and the start of the warmer, spring real estate season.
In the words of Victoria Real Estate Board President David Langlois; “Our bustling market continues to be fuelled by strong consumer demand to own a home in the Greater Victoria. This is driven in part by low interest rates and by the overall desirability of our larger community. This continuing demand, coupled with our record low inventory, has resulted in competition for desirable properties. The competition for sparse inventory has pushed both pricing and activity up and has created the very fast-paced market that we've been experiencing for the past several months."
Prices are pressured upward, with low supply in the early, spring months. If you are looking for a good and safe investment, Vancouver Island properties are a good bet. Buy now into the market and see your investment increase in value over the busier (the) summer months. Last month alone, a single family home in the Victoria area increased by 1.8%. Single family homes in the Victoria area and the Peninsula have increased from 8.3%- 15.5% in one year.
If you need a professional REALTOR to help you or your clients get into the ever increasing Victoria or Vancouver Island real estate market, Contact me.
Vida Glaser REALTOR