The daffodils are out, the snow drops are carpeting our gardens and real estate sales in Victoria is definitely in bloom this Spring. The sales are up substantially and much earlier than last year.
The total number of properties sold last month in Greater Victoria increased to 563. In February 2019 there were only 429. Condo sales were up over 35% with single family homes increasing to nearly 24%.
With 2,127 active listings at the end of February 2020, we saw an increase of just under 9% from January 2020.
“One of the most prominent aspects of our market right now is the continued low inventory,” states Victoria Real Estate Board President Sandi-Jo Ayers. “Our ten-year average active listings for the month of February is 3,007. We concluded this month with just over 2,000 active listings, which means a lot less choice for consumers, more pressure on pricing and multiple offers.”
If you’ve been thinking of selling, we offer Complementary Market Evaluations. CLICK HERE to email us and we’d be happy to talk with you about how we can help you market and sell your home.
INTEREST RATES: A five-year fixed term mortgage can be had for around 2.59% if you qualify, depending on your down payment, term, credit history, institution etc.
“The Bank of Canada lowered its target for the overnight rate by 50 basis points to 1.25%. While Canada’s economy has been operating close to potential with inflation on target, the COVID-19 virus is a material negative shock to the Canadian and global outlooks, and monetary and fiscal authorities are responding.” states Kelly Curtis of Mortgage Designers.
If you’re thinking of moving, take the time to get preapproved to make sure everything goes smoothly. If you’re thinking of using funds invested in mutual funds or other investments to purchase real estate, talk to your financial advisor. The TSX and Dow closed higher today. Read today’s CBC article, Stock markets close higher as investors shake off coronavirus fears – for now
Need a Mortgage Broker? Click HERE to send us an email and we’ll forward on a list of reputable Mortgage Specialists.
Of course, if you have any questions about the market or what your home or investment property could sell for, we are here to help you!
Real Estate Professional
Victoria Property Specialists Group