Slow and steady wins the race. At least, that was the lesson from The Tortoise and the Hare, and it might be the only consolation for Vancouver Island realtors and home sellers comparing their market conditions to those of the Lower Mainland.
While sales activity and prices in Greater Vancouver are surging, the market in Victoria slowed noticeably earlier this spring.
According to the B.C. Real Estate Association, the total dollar volume of residential sales in March was 21 per cent lower than in March of the previous year and the number of sales was down by 18 per cent. (By comparison, Greater Vancouver had a 47-percent increase in dollar volume and a 30-per-cent increase in sales in March 2011 over March 2010.)
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