We are continuing to generally enjoy a strong sellers’ market with sales up and listing supply down. There are many contributing factors, the most significant of which I think is the level of consumer confidence. As the balance of those who believe now is a good time to buy exceeds those who feel otherwise, the market is pushed forward very positively. Tracking the home price index shows prices have generally increased an average of over 8% in the past year.
August’s sales numbers were the highest for an August since 2007 at 741 and the number of listings available for sale declined to a total of just 3,688 listings for sale. With the “balance” of supply and demand at a 5 month supply we are still in a “Sellers’ Market” overall. The market is very different from one area of Greater Victoria to another and also varies considerably by property type, condition and price range. For a specific look at activity relative to your property please call or email for assistance or visit our online Market Snapshot.
There is fair amount of talk about the modified CMHC rule being introduced at the end of September to include 100% of income from secondary suites and the impact that may have on the market. I think it’s important to note that they will only be including income from “legal suites” for qualifying. Other insurer options will include 50% of illegal suite income with less than 20% down payments and if buying conventionally with +20% down payment there are lenders who will even offset 80-90% of projected suite income. For further details and to get qualified please contact us.
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The Neal Estate Team is your #1 source for all of your Victoria BC real estate needs. Get in touch with us online or by phone at (250) 386-8181 to speak with a Victoria real estate buying or selling expert today. With decades of experience as a top selling Victoria REALTOR® and ranked in top 1% globally with over 4,000 transactions and $1 Billion SOLD, Ron Neal & The Neal Estate Team have the industry experience and market knowledge to help you make smart and informed buying or selling decisions.