Why is it so hard to find your dream home right now?

If you’re shopping for properties in Victoria right now, then you’re right to believe that the inventory is quite limited.  Active listings have actually decreased 30% from last year at this time, translated there isn’t a lot to choose from right now. If your thinking about waiting until the Spring to buy then you are risking the possibility that prices may have risen by that point. The market has just began to exhibit a seller’s market conditions as a result of low inventory and rising prices (BCREA). It has been forecast that home prices will continue to rise in the months to come and should match record highs of last year and then the market is projected to stabilize in 2010. A good document for buyers and sellers to review is the BC Real Estate Association Economic Forecast (http://www.bcrea.bc.ca/economics/HousingForecast.pdf). This document forecasts that the annual prices in Victoria will contract 4% this year and rise 2% in 2010 (to date prices have dropped 5% and so this means that BCREA is projecting a 1% increase in prices in the next few months). Therefore in my opinion, although it is challenging shopping for property right now, it would be a mistake to give up and with for the spring market.

If you have any questions please feel free to contact me on my cell at 250-857-6045.