I hope that everyone had an excellent Easter weekend!
Here is a new market update for the month of April.
Total sales in Greater Victoria during March bounced back 26% from the previous month of February: 688 versus 545. However, this still represents a substantial drop from the total number of units sold during March of 2017: 929 units. This lower volume of sales can be seen as arising from a substantially decreased inventory of available properties currently on the market. This phenomenon is in line with a national trend seen in most metropolitan areas throughout the country. Despite decreased inventory, sale prices remain solid and few economists predict a significant decrease in pricing in the short term.
Here in BC, controversy has been generated through the introduction of a new tax that attempts to target property speculators and those who own non-primary residences. Below I have compiled a number of articles that discuss the tax’s introduction, possible implications, and the resulting push back from certain communities and industries.
B.C. speculation tax: Here's what you need to know
Also, here are a few interesting articles about the Canadian real estate market in general.
That’s it for this time! I hope you all have an excellent month!
As always, if you are interested in learning how the current market conditions affect you or your investments, would like a market analysis of your property, or if we can be of assistance in any way at all, please don’t hesitate to give us a call (250-886-8520) or send us an email (email@example.com).
Island Homes Group
4440 Chatterton Way