Summer has gone, long live the Fall!

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This summer has been an interesting one.  Record sale prices across the CRD have essentially driven down the amount of sales.  More people have chosen to try and ride this wave out rather than sell their house in this market.  Supply and demand takes over and prices go up.

Fools?  Well, to be a seller means you have to be a buyer as well, and the fear of losing out on a buying house due to multiple offers has created an uncertainty that a lot of sellers don’t want to get involved with. 

Victoria is a destination market.  That essentially means we are our own microcosm of real estate.  Sure we are subject to the same outside influences that the rest of the province and country are, (inflation, interest rate hikes, etc) but we also don’t fall as hard as they do when things go awry.

We boast the mildest climate and this past year notwithstanding, the least amount of snow in Canada.  Couple that with our aging population looking for a nice place to retire to, and we will always have an influx of new buyers.

How does this play out for the Greater Victoria Area this fall?  Strong sale prices and a steady sales market.  There’s no bubble here, it’s just going to remain strong until the end of the year.

2018?  Let me rub my crystal ball and get back to you in December.