Real estate report predicts more of the same - low supply, high demand, high prices
High demand and a low supply continues to define the Victoria real estate market, pushing home prices higher.
The BC Real Estate Association is out with their 2017 Second Quarter Housing Forecast.
One situation highlighted is that the supply of homes for sale is at its lowest level in over a decade. Total active listings on the market this spring were down 21 per cent in Victoria and 30 per cent across the rest of Vancouver Island.
The Real Estate Association says the average home price in the region is forecast to increase nearly 11 per cent to $578,200 in the Victoria Real Estate Board area this year. That number includes all housing types - from single family homes to condos. For a single detatched home, they forecast the average price will hit 836,000 by year's end.