Market Updates: Victoria is coming up in the Leagues

Will the markets in the cities of Vancouver and Toronto soon be in the past? If the market in Victoria continues as is now, it may just become a worthy contender for the two aforementioned markets.

In the first quarter of this year, 2016, the growth rate was above 5%.

The average price of single-family units and condos in the Greater Victoria area is above $489,100; it is closely approaching the $500,000 mark!

This is just in this year’s first quarter.

These types of properties are the most preferred in Victoria. This is evident by the sales made just last month; almost 600 single-family and almost 300 condos sold.

The infamous reason for the growth in the markets of the cities of Vancouver and Ontario, foreign investment, may or may not be the reason for the growth in Victoria.

Some say that it is still too early to tell.

Two-floor properties have also seen some growth in the first quarter of 13%. This has increased the average price to a healthy $680,594; clocking the $700,000 mark.

However, the average price of bungalows has gone down by almost 2%; the average price is now above $485,000.