Island real estate market cooling off, but prices might be plateauing

  • 📰 CTVNewsVI
  • ⏱ Reading Time:
  • 20 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 68%

France Nouvelles Nouvelles

France Dernières Nouvelles,France Actualités

The red hot real estate market in the Capital Region has cooled off since its peak this past March. Interest rate hikes have softened demand, causing some to be more reluctant to take on a mortgage, and turning the tide from a seller's market to a buyer's.

“A year ago, it was a severe seller's market,” he said. “[Last year], upwards of 75 per cent of properties went over asking price with multiple offers. Now, we're seeing multiple offers on less than 10 per cent of properties.”

The median price of a single family detached home in Greater Victoria in October was a little more than $1 million, down $250,000 from this past March and down $150,000 from last year. “We’ve shifted from a seller's market at its height in about February of this year into a buyer's market,” said Erica Kavanaugh, the head of the Vancouver Island Real Estate Board.

Nous avons résumé cette actualité afin que vous puissiez la lire rapidement. Si l'actualité vous intéresse, vous pouvez lire le texte intégral ici. Lire la suite:

 /  🏆 28. in FR
 

Merci pour votre commentaire. Votre commentaire sera publié après examen.

France Dernières Nouvelles, France Actualités