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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Posthaste: 'The damage is real' — Foreign homebuyer ban causing upheaval in real estate industryThe language used in the foreign homebuyer ban legislation is stopping real estate development in its tracks, CIBC says. Find out more.
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