Is Now the Time to Buy a Home in Victoria?

Posted by Serena Kolida on Monday, June 6th, 2016 at 7:59am.

Victoria is a large and growing city. It is home to many of today’s best amenities and, with a population of over 80,000 people, there is no doubt this area has something to offer everyone. It sits on the southern tip of Vancouver Island. If you’ve taken the time to visit this city, you know it is a treasure both in its modern amenities and lifestyle as well as its natural beauty. But, buying a home in Victoria can seem like a daunting task. Is it worthwhile? Is now the time to buy?

Image Provided by VIREB MLS

Market Conditions in Victoria

The good news is all of Victoria and the surrounding area is seeing a lot of interest from home buyers, which is helping to drive sellers to list their homes. With home values on the rise, but still at an affordable level right now, it is a good idea for today’s buyer to take the time to look at this market more thoroughly right now. Here’s what you can expect:

  • Home prices remain affordable in many areas, though the downtown area and some affluent communities are much pricier than the surrounding area.
  • You will find the area has a solid inventory of homes available to buy. This can give you the confidence that the home you want is available to you here.
  • The area also has good real estate loan rates including easy access to mortgages. For this reason, even first time buyers should consider investing here.
  • Home prices are on their way up. This may mean that your home will be worth more in a few years, giving you equity to count on.
  • And, you’ll find that it remains a buyer’s market. This means you can negotiate when making your purchase.

It is a good idea to work with area real estate agents to help you to find the ideal property for you in Victoria and the surrounding area.

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