Tuesday , January 19 2021

Greater Victoria real estate markets have doubled yearly



The sales prices of two-story homes and concentrations doubled in the last three months of 2018, according to data released by Royal LePage on Sunday.

In the Quarterly Price Survey on Real Estate Sales, sales of two-story house sales were 13.2 percent, 966.760 dollars, compared to the fourth quarter of last year, and the median price of the age was 10.3% and 512.024 dollars.

The average retail price for bathrooms is very small, up 0.7% and $ 724.225.

Bill Ethier, according to Royal LePage Coast Capital Realty Broker, adds price growth to a shortage of inventory and a growing demand for local health economics.

Ethier would also point out that it would be the buyer, had Victoria come to work or are coming to the market, seeing it here as a good place and a good investment option.

"Retirements that choose to buy a company compete for the first buyers to avoid inventory. Retirees can not afford housing in homes, due to scanty housing costs, as prices sharpen in retail segments in 2018."

Etier pointed out that this shortage has increased the new regulations set by federal governments and provincial governments that slowed down the real estate market.

"As a result, we are seeing a reduction in new residential buildings," he said.

At national level, Canadian home prices rose by 4.0% year-on-year in the fourth quarter of 2018, at 631,223 dollars.

At the same time, the average price of two-story dwellings was 3.9% year-on-year, $ 745,007, the median price of a bungalow, 1.5 percent, $ 516,950.

Auditors continue to have the highest rate of appreciation at the national level compared to the isolated segment, rising 7.2% from a year ago to $ 447,915.

"The invisible hand that drives our complex economy is a cliché of the real estate restoration of 2018 and is a good thing," said Phil Soper, CEO of Royal LePage. "Wholesale price inflation, over the decades, led to dangerous warming in our populated areas.

"When the government's regulatory intervention and the rise in the interest rate overcame property prices, we are currently launching the corrective cycle.

The Canadian Bank maintained its night-rate borrowing capabilities and the annual GDP growth of GDP decreased from 2.1 percent to 1.7 percent.

"While some economists adjust the forecast of the economy, the Canadian real estate market began its amendment one year ago. The national real estate market is stable and should be at a modest price for the end of 2019," said Soper.

© Copyright Times Colonist


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