The Victoria Real Estate Board issued a News Release on December 9th, predicting a strong and stable market for 2010:
“Randi Masters, 2010 President of the Victoria Real Estate Board, says the Victoria area housing market should continue to be strong and stable in the coming year. Masters notes that the market rebounded ahead of expectations throughout most of 2009 and the steady economic recovery should add to growing consumer confidence. “The Victoria area has been fortunate in escaping the worst effects of the recession and we believe that in 2010 we can look forward to a continuation of the strong sales and a balanced market,” said Masters.”
This is in part due to the substantial reduction in the number of properties listed over the last year. Growing demand and reduced supply typically leads to upward pressures in price. In further support of this assertion the Times Colonist released on article on December 10th which reports that area house sales have increased 22% over 2008. It goes on to agree with Randi’s statement that, “with dwindling inventory, it’s turned into a seller’s market.” All the more reason to have a realtor on your side.
Ian and Marilyn