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The Canada Mortgage and Housing Corporation recently released an updated market outlook for Fall 2017, and if you’ve been paying attention to the market at all, their findings will not surprise you! Here are the 7 main takeaways:


1. Additional inventory is needed in order to balance Victoria’s housing market. Despite a high level of construction activity, there haven’t been many completed housing units since demand soared last year. With several thousand completed units expected in 2018 and 2019, these added listings should help to restore some market balance. Even so, demand will remain high and housing prices are unlikely to decline.

 

Big House

Wanted: more listings in Victoria! Source: Flickr


2. With thousands of rental units...

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The current real estate market in Victoria can be frustrating at times, for both buyers and agents alike. Agents are noticing that there’s a severe lack of inventory available and, when potential buyers do find a home that suits their needs, oftentimes there are several other interested buyers all vying for the same opportunity. Maybe that’s a good problem for home sellers to have, but it’s not good if you’re a homebuyer being shut-out of a competitive market.


So, if you’re looking to purchase a home in the Victoria market in the near future, where do you even get started? Well, focus on three key things:


1. Start doing your research early. Have a look through the Victoria MLS Listings in order to get a good idea...

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Following on from a record breaking 2016, what can we expect the real estate market to do in 2017?

Will prices go Up, Down or Flatten?

 

There are many things that will determine the answer, some directly related to our Victoria real estate market and some related to outside influences. Low inventory across the board means that demand will stay high and we can expect the multiple offer situation we have seen continue, especially in saught after markets such as we have here in Victoria. This should see home prices continue to rise, at least...

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