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Buying frenzy sets new Victoria real-estate record

Real-estate sales, particularly in desirable areas of Victoria such as the Fairfield neighbourhood pictured above, are outstripping supply as buyers scramble to secure real-estate.  Citified.ca.

Buying frenzy sets new Victoria real-estate record
MIKE KOZAKOWSKI, CITIFIED.CA

A new record has been set for monthly real-estate transactions in Victoria, according to statistics revealed by the Victoria Real-Estate Board.

1,121 homes sold through the Multiple Listings Service this March, surpassing the previous record of 1,083 sales secured back in May of 1991.

Compared to March of 2015, this year's sales blew past the previous total of 734 by a whopping 53%. Meanwhile listings have fallen by nearly 31% and are showing no signs of a rebound.

As the spring buying season continues experts agree that the only outcome is continued upwards pressure on pricing and at least another month of what can be described as a buying frenzy. C

 

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