Ron Neal's Victoria Real Estate Market Update July 2014
While our market is generally viewed as balanced now, the market varies considerably by area, property type and price range. Activity is strong in Greater Victoria’s most popular areas including south of Fort Street (Fairfield, James Bay and Rockland), east of Foul Bay (all of Oak Bay) and the University area (including Mt Tolmie, Gordon Head, Mt Doug, Cadboro Bay, Ten Mile Point, Queenswood and Arbutus). Activity in other areas is generally vastly improved compared to a couple years ago, however, rural areas and high end are still over supplied and not recovering as rapidly as the most popular areas.
Our market is considered balanced by most when 15-20% of the supply is selling each month. In Oak Bay last month 18% of the available listings sold and 20%…