Is Now a Good Time to Buy Real Estate in Victoria? Jul 11th

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Is Now a Good Time to Buy Real Estate in Victoria?
Thinking about buying real estate in Victoria? While some might suggest waiting a year or two for housing prices to come down, now might be a good time to start looking. The quarterly report on Vancouver’s housing market indicates while prices are starting to come down, inventory is high. So, should buyers test the waters or wait and face stiffer competition?
The Decision to Buy or Wait
Based on the Canada Mortgage and Housing Corporation (CMHC), real estate prices have dropped by about seven to eight percent from last June.
“This housing market assessment is an early warning system for vulnerabilities in the housing market. The degree of imbalance between home prices and the local economy is narrower than it has been at any point in the last several years.” That’s from CMHC market analyst Eric Bond.
There’s Still Some Potential Risk
While house prices are coming down in Vancouver, house affordability hasn’t eased that much. In Victoria, to afford a house priced at $741,000 a potential home buyer would need to make $140,000…

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