BC: Victoria’s Housing Market Sees Improvement in March

Greater Victoria’s real estate market had a slight spring in its step in March as total sales and average prices increased from the previous month. However, sales in the first three months of 2011 hit 1,449 units, well behind the same time frame in 2010 when sales reached 1,828.

Maria Dominelli, a Victoria mortgage broker with Invis, said there was a “flurry of sales” prior to the federal government’s tighter mortgage rules coming into effect March 18.

But since then, Dominelli is “finding it a bit of a strange market.” “We have a lot of preapprovals and those clients are just not finding suitable product,” she said. The potential buyers are seeking single-family houses in the $400,000 to $600,000 range. At the same time, an extended winter seems to have dampened the overall market. “What we are missing is a real sense of urgency like we have seen in the last couple of years,” Dominelli said.

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