Real estate in Canada is either hot or not moving. That is the common misconception that is present in the country right now, but it is not accurate. The fact is, the real estate market is doing well and, if you are thinking about selling your home, now may be a good time to do so. Working with a local real estate agent in Victoria is a very important step in the process, though, as it ensures you have the best chance to achieve the outcome you desire.
What Can You Expect from the Victoria Real Estate Market?
A good way to see what expectations can be is to look at the previous year’s sales. In 2016, Victoria saw a very intense spring real estate market with a good deal of competition between buyers. This helped to drive up home prices and created a lot of demand. This was due, in part, to the expectation that the market would see an influx of foreign buyers looking to take advantage of the lower home values here. While that did not necessarily happen, it did create enough buzz during the early part of the year.
What does this mean for you this year? While there is no guarantee of what the market will bring, there are many positives about it right now. Home values remain competitive but high in value. That means it is possible to see your home sell for a very good price. By the end of the year, home values had fallen and sales dropped by nearly six per cent. That may mean that buying a home now makes better sense than waiting until later in the year.
For those who are considering making an investment now in a home, selling conditions for your existing home are still very good. Take the time to work closely with a Victoria real estate agent that knows the market well.