“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.
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