Full market summary coming soon. For now I’ll just leave the output of our automated market summarizer here. If you recall, that output is automatically generated by the stats. This market is not slowing, it’s accelerating.
As of March 2016 the market in Greater Victoria is ludicrously hot. This means that the market strongly favours sellers and prices are expected to rise extremely quickly.
There are currently 1.9 months of inventory which is extremely low for this time of year. In the last year, prices for median single family homes have risen by $42300 (8%) to $651500 while prices for median condos have risen by $5800 (2%) to $285500.
If current market conditions prevail, you should expect the median single family home price to increase at a rate of about $90000 (14%) annually.
Can you believe that price trajectory??