#CondoExperts’ 2016 Forecast for Victoria Real Estate
Overall, 2015 was an incredibly solid year for Victoria real estate, and we saw an increase in value for both condos and for single-family homes and an increase in the number of people looking to get into the market. Near the end of 2015, we saw our real estate inventory decrease, but the number of buyers remained steady, ultimately creating the perfect conditions for multiple-offer situations, especially in the single-family market. One house saw 16 offers come in!
In 2016, the inventory of Victoria real estate will likely continue to stay low, and with the government holding steady on interest rates, we will likely see an even larger increase in prices! The strong end of 2015 will definitely continue as we jump into 2016.
While the condo market doesn’t seem to be as crazy as the single-family market, it does seem to be gaining momentum with the increased prices and stiff competition for single-family homes. Plus, with more people choosing to retire in our beautiful city, the lagging markets in Alberta and Saskatchewan, and Americans looking to invest while the CDN dollar is down, we are likely to see even more potential buyers for the condo market this year.
In my professional opinion, I see 2016 continuing to trend upwards in Victoria real estate and making it a good time to buy or sell property.
If you are interested in buying or selling your Victoria property, please give me a call at 250-382-6636 or email me at [email protected], so we can ensure you get top dollar for your sale or a fair price for your purchase.
– Chris Gill