First Time Home Buyers Are Leading The Market in Victoria Real Estate Sales
First-time home buyers are reawakening in
Victoria’s real estate market. Record low interest
rates such as 3.25% for one year term mortgages and government
incentive programs are prompting purchasers to enter the
marketplace—a fact best illustrated by the noticeable
increase in Realtor Open House traffic, upswing in the number of
showings, and up tick in overall sales activity. Softer market
conditions—characterized by a decline in both sales and
average price, and a 20 per cent upswing in active
listings—have spelled opportunity for home purchasers.Many
first-time buyers are looking to areas like Downtown,Victoria Saanich
West, Westshore and Esquimalt to realize their dream of
homeownership.
The starting price for a single-detached home is now
$310,000, down from$350,000 one year ago, while a condominium apartment
can be purchased for as low as $190,000. Given the cost of rent, the
difference between owning and renting may be as simple as a fi ve per
cent down payment.
Need Help to
Find your First Home?
Call 35 Year Veteran
Realtor Fred Carver 250-598-2963
Experience Does Help.
Re/Max Camosun
Original
ReMax Report March 11/09