Real estate market picks up as spring approaches

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In an area where bidding wars have not been uncommon, buyers will typically have more time to make decisions

The Greater Victoria Real Estate market has cooled to a “less pressured environment,” which gives buyers more time to make decisions, the Victoria Real Estate Board chair said ­Wednesday.“There’s plenty of demand from buyers and we are still low in inventory, but there are opportunities in a less ­pressurized environment for consumers to get into a new home,” Sol said.Although the market has calmed down, many people have given up on the idea of owning a single-family house.

For condominiums, the February benchmark was $568,200, down from $578,300 in January, and also a drop from February of last year at $580,900.A total of 460 properties changed hands last month, up from 278 in January. February sales lag behind the 718 sales in the same month last year.

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