Are you considering purchasing a home in beautiful Victoria, British Columbia? As one of the more desirable areas to live in this region, this is often a competitive housing market. It can be difficult to obtain the home that’s right for you at the right price, especially without the help of a skilled and experienced real estate agent by your side. Knowing this market well is critical to being able to secure the perfect property for your needs.

Key Statistics About Victoria, BC Home Buying

Victoria has much to offer. As of January of 2016, the benchmark value of a single family property in this community was $616,700. Over the 2016 year, that benchmark value has increased to $767,000. That is more than a 24 percent increase in just a years’ time. The historically high rise in home values in this community means you will likely be paying more to find your dream home here, but it can be well worth it.

How does this information affect your investment opportunities?

• You may find the ideal home on the market for you. If so, you should act quickly to purchase it or place an offer on it. Homes are selling quickly here, and delays can lead to competition between buyers, driving the cost up further.

• The inventory – or the number of homes for sale in Victoria – is less than it has been. This limited inventory is helping to drive home values upwards.

• The market is very positive and solid. You are likely to see significant equity built into your home faster now than you would have just a few years ago.

Overall, there is a great deal of activity in the Victoria housing market. The community remains in a historic cycle of increasing home values. What we can expect going forward within this area will become a bit more clear over the coming months. Most experts believe that this will be a strong spring season for the Victoria real estate market, leading to even higher home values and more sales. If you are thinking about buying now, contact Kerry Davies today to discuss what you are looking for in a Victoria property.