IS VANCOUVER'S SIZZLING HOT REAL ESTATE MARKET GOING TO SPILL OVER TO VICTORIA BC

IS VANCOUVER'S SIZZLING HOT REAL ESTATE MARKET GOING TO SPILL OVER TO VICTORIA BC

Since the beginning of January  I personally have been busy almost every day showing Real Estate...with Serious and not so Serious home buyers.

Some saying, "I don't need a place until the Early Summer" , others saying "the Late Spring will Do"...once I explain the possession time most sellers need or like, some home Buyers have stepped up and are making offers on Victoria homes and Buying now.  

This is a major change to Buyer activity from just a few short months ago. Just last week I wrote two offers on homes, and I was only successful with one. I was in a bidding war on a waterfront home that had been on the market for months and my buyers thought it was over priced and made a low offer, the other Buyers Won the bidding war.

On the News this past weekend our Bigger Sister ...Vancouver BC is also seeing a resurgence of home Buyer Activity..
Here's a News Quote and Link to a bidding war on the West end of Vancouver " Vancouver's West end is going through bidding Wars again"..... one example "200 people going through a house in one day selling $500,000 over the asking Price "....."A house across the Street just Sold at $250,000 over the asking Price"
 News & Article Source: 1130 radio.

Is Victoria be far behind ?... Single Family inventory is currently very low and home buyers are sensing the lack of homes for sale in Victoria.

Currently there are 231 Pending MLS home Sales throughout Greater Victoria with the average Days on the Market of only 58 Days
Average Selling Price of $ 719,641

Total Number of  Victoria Homes For Sale on MLS = 958 Homes including Sooke, (only 791 excluding Sooke).
Average List Price of homes Greater Victoria for sale $$940,000

It would appear demand is increasing in Victoria, BC.

  The Questions is "Will Victoria  follow Vancouver in the Coming Days ahead ?"