Victoria is a 'seller's market' where home prices will stay strong according to a REALTOR® forecast released this week.
While industry experts predict an average rise of 7.2 per cent in Vancouver in the first half of 2010, signs are that Victoria will experience less highs but greater stability.
The strongest demand is for homes priced at $600,000 or less with revenue potential, which are attracting multiple offers, says the agency responsible for the survey.
Despite the global economic turmoil last year, Greater Victoria sales rebounded in the last half of 2009. The final quarter resulted in an average price for a detached bungalow at $474,000, up by 7.7 per cent from the average price in the final quarter of 2008.
The average price for a standard two-storey house rose by 3.7 per cent in the capital region, to $449,000 in the last quarter of 2009, from $433,000 in the final quarter of 2008. The average price of a standard condominium in the capital region remained flat for those two quarters, at $265,000, the report said. It added that nationally, home prices are expected to moderate in the second half of this year.
The forecast lines up with those put forward by the Victoria Real Estate Board and other industry watchers, who expect inventories to increase and interest rates to rise later in 2010.