Friday, December 6, 2019

Victoria poised to become a sellers' market in 2020






Victoria's housing market is expected to be favourable for home sellers next year, according to the latest outlook by RE/MAX.

While conditions are likely to be balanced as 2020 unfolds, RE/MAX said the conditions in the British Columbian capital are expected to lean towards a sellers' market.

In fact, the region's average sale price is projected to increase by 3% to $698,661 over the next 12 months as demand remains high and supply remains limited.

"Housing affordability continues to challenge buyers in this region when it comes to homeownership and rentals due to lack of supply. Demand for condos continues to rise as many first-time homebuyers can afford this property type," RE/MAX said.

Neighbourhoods in the south, such as Fairfield, Rockland, Gonzales, James, and Downtown, are poised to be property hotspots next year due to high demand.

In terms of growth in sales prices, the top Victorian neighbourhoods are Saanich, Langford, Oak Bay, and Sidney.

First-time and move-up buyers are expected to drive the demand for property types such as condominiums, two-storey detached homes, and townhouses, according to RE/MAX.

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