B.C. real estate market cools, but the Island remains strong
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British Columbia’s home sales are down and so are prices. The BC Real Estate Association describes it as a very challenging economic environment. But the trend on Vancouver Island is not quite as gloomy.
As sure as spring arrives, the real estate market heats up. “For sale” signs have sprung up in Greater Victoria.
While the market in the Lower Mainland is at its weakest in a quarter century, one region in the province that’s bucking the trend is Vancouver Island.
“Public sector spending and public sector hiring is still positive year over year supporting the Victoria market. While we still see a lot of demographics that drive real estate. That’s the retirees, semi-retirees coming into markets like north island as well,” Yu said.
That’s reflected in the market. Although fewer properties sold in March than a year ago, including single family homes and condominiums, and inventory is at a ten year high, prices remain high, according to Fergus Kyne, chair, Victoria Real Estate Board.
“We’ve been in what we call a cautious buyers’ market for a little while. It’s a good time for buyers because the inventory is also increasing. Yes, perhaps some of the numbers are down year over year. But there is certainly no bubble that’s burst in the Victoria area,” Kyne said.
Buyers with time to wait may find themselves in the best position over the next six months.
As they can wait out uncertain times.