In 2016 we saw 10,622 properties sell in the Victoria Real Estate Board region, which exceeded our previous high of 9,241 sales in 1991! The MLS® Home Price Index for a single family home in the Victoria Core also increased by 23.6% from $613,600 in December of 2015, to $758,500 in December of 2016. With inventory still low, there is high demand for properties and many homes still selling over the asking price as we enter 2017. For the full article from the Victoria Real Estate Board see below:
"We expect sales to continue to be strong but we don't expect to see the phenomenal activity we saw in 2016 for 2017. Inventory continues to be low," adds President Nugent. "You can't sell something that isn't there. There is certainly an ongoing demand for properties. This is reflected in the fact that 25 per cent of sales this month sold over their asking price. The majority of these properties were in the up to $750,000 price point, so your average buyer will face a competitive market."