This is a slow time of the year in a slower real estate market. Listings are still moving in our markets, there are savvy buyers who know what they're looking for and when it comes up at a reasonable price those buyers are ready to move on them. There are actually benefits to buying and selling in a slower market, we wrote about them recently HERE.
We review the market predictions for the Greater Victoria Region/Southern Gulf Islands and British Columbia, but those follow what the Canadian Real Estate Association has projected which is that in 2019, home prices will stay relatively flat, keeping up with inflation, and sales volume will decrease. Some parts of BC will see slow price increases. This could be good news for buyers (if true) because the price increases are expected to be minor compared to recent years, so despite lending rules and rising interest rates putting up some hurdles, at least price growth has slowed down. This is good for sellers (if true) because prices are not generally expected to decline.
For homeowners in our markets, we're hearing quite a lot of feedback about Property Assessments that are much higher than anticipated. One service we can provide you at no charge is to review your assessment to determine how close it is to actual market value. Feel free to take us up on this service, our contact information is HERE.
Click here to view the complete update and review recent and predicted market activities in our regional and provincial markets.
January 2019 Market Update
