Real-estate sales activity in metro Victoria throughout the first two months of 2016 has surged by nearly 47% compared to the same period last year. Home buyers are expected to fork out a 10% premium over last year. Citified.ca.
Metro Victoria's real-estate transactions have surged to levels not seen since the early 1990's, according to statistics released by the Victoria Real-Estate Board.
Throughout the month of February a total of 772 sales were recorded, only eight short of 1992's February record of 780 sales. Last year's sales for the month paled in comparison with 542 sales.
"Near record-breaking activity, certainly the best since 1992, combined with very low inventory has given rise to buyers getting into bidding wars all over the region. There is such huge demand and such restricted inventory that we're seeing upward price pressure on an annualized basis of 10% right now," said Victoria REALTOR® Marko Juras of Fair Realty.
Juras attributes some of the activity to an increase in buyers from the Lower Mainland who have cashed in on skyrocketing real-estate prices across the strait and are cashing out in the relatively affordable Victoria region.
"Last year sales to Lower Mainland residents increased to seven-per-cent of total sales from around five-per-cent the year before, and I have a feeling that there's further buying pressure from the Lower Mainland this year which could see as much as nine-per-cent attributed to that group of buyers," Juras said.
The total volume of active listings in February dropped to 2,562 from last February's 3,480, a decrease of 26%. Year-over-year sales of Real-Estate through the Multiple Listings Service has totalled 1,311 transactions, an increase of nearly 47%.
"I have a feeling we're in for much the same this March," Juras says, adding that as long as inventory remains low and buyers are keen to secure Victoria real-estate the frenzy will continue. C
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