BC Real Estate Association reports that February BC home sales continued at modest pace & pent-up demand is growing. Victoria’s February 2013 Average House Price of $463,265 is virtually unchanged from 2012’s average of $464,570 (down only -0.3%) and our listing volume has only increased 4% over February 2012 to 3,252 overall residential listings, even though sales volume has declined 20%. We are currently at 8 months supply with inventory.  “Despite improved affordability, many potential buyers and sellers remain in a holding pattern. With pent up demand now becoming latent in the market, it’s not a matter of if, but when home sales rise above their current pace”.

Shelly Mann, the President of the Victoria Real Estate Board says that there is nothing to be alarmed about for Victoria homeowners. “We expect prices to remain flat this year, we said that all along, it’s a transitional year for us.  They may even dip slightly, and we anticipate probably a 2% increase in value for the next two to three years.  So the usual growth, statiscally, is about 3.5%, and we’re not really that far off.  Especially after a period of such high gross.”

For the past 10 years Canadian home prices had seen a 7 percent annual price gain, a figure that is unlikely to be seen again for some time.

Cameron Muir, Economist, with BC Real Estate Association – Video Blog Here:   Housing Market Update (March 2013)

February 2013 Residential Average Price – Data by Real Estate Board Region