Victoria Market Update from Cheri Crause
So, how is the market performing in Greater Victoria? Multiple offers are still in abundance and no inventory! For buyers this has caused huge frustration, they are fatigued with writing offers on property after property without getting a successful bid. The market is a fast paced river right now and everyone is trying to keep up. As a seller ,the market is very favourable, offers come in well over asking and well over what a seller would have even thought possible.
The trick is to plan ahead in knowing what the next move should be. If you are buying in the same market it is hard to find something. If you are moving to a less expensive market you can certainly pocket some money when all is said and done.
This is what happens when we have people moving here from Vancouver - "mainlanders" can sell high and get a great product on the island, comparatively. However, this activity drives up the prices and consumes the inventory in Victoria. Leaving the islanders to either move out to Sooke or up island as far as Courtney/Comox to find something in their price range.
Will it stop? If only we had a crystal ball. At the moment, it appears our demand is still greater than our supply so until that changes the river will continue to run fast. Hang on and enjoy the ride.