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Victoria – Summer Market Update

Posted by on Wednesday, July 17th, 2013 in Victoria Real Estate News

The Victoria real estate market has picked up slightly in the 2nd quarter, but it is still going to remain more of a buyers market for the balance of the year. Sales are following a similar path to 2012, but listing inventory is down about 8% from a year ago. If this trend continues, we should see a more balanced market into 2014. The supply balance is still leaning in favour of the buyers, and there are no signs of this changing for the remainder of this year. However, there appears to be a built up demand of buyers, and eventually when they start buying, we will see a much more dynamic market, but this will most likely not occur for sometime. Most pundits are predicting it might take until late 2014, or early 2015 for this to happen. The dark horse at the moment are interest rates. If the long term rates continue to increase, this may slow the market further, and extend the recovery time even further into the future. We will see…

In the meantime, here a few few links to various real estate sources that may be of interest to you:

– I have just released my latest quarterly newsletter. Click for details:  Newsletter

– For the latest historical statistics from the Victoria Real Estate Board, click here: VREBStatistics

– I have a Facebook page which discusses real estate news and listings in the Victoria area. To stay informed, click on this link and hit “like”: VictoriaBCProperties

– Search for listing at my Victoria BC Properties website: DaleSheppard.com

All the best during this great summer season!

Dale.

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