Today, our local rag 'The Times Colonist' shouted out the following headline .. which is what we have been thinking for a while:

Victoria real estate turns around

Despite all the talk of recession, according to the president of the Victoria Real Estate Board, Chris Markham,  Victoria seems to have pulled through.

He says: A total of 879 homes and other properties were sold in May through VREB's multiple listing service. This is a 17% increase over April and even up 14% in comparison with the 770 sales in May of 2008.

First time buyers are being spurred on by low interest rates and lower property prices. Single family homes priced from $400K - $600K are in most demand, whereas those at the higher end of the market are slower to move.

Let's hope the trend continues and starts happening elsewhere in Canada and the US.