If you thought COVID 19 was going to devastate the real estate market here in Victoria and across Canada – you were wrong. In fact quite the opposite as fierce competition for detached houses meant back to back record breaking months of prices and sales volume.
There is no reason to think this won’t continue as we launch into a New Year.
Ultra low interest rates introduced early in the days of the pandemic are making purchasers particularly attractive for first time buyers who haven’t seen their livelihoods jeopardized by COVID 19.
What I’ve felt for several months now is COVID 19 making people appreciate the space they live in – or on the flip side, not appreciate it. A more critical eye is being used by consumers.
This will certainly be the situation for I think Q1 and Q2 of 2021. Looking at the back half of the year we could fall into more seasonal conditions as vaccines roll out.
Sellers – with low inventory – it’s a magical time to put your home up for sale.
Buyers – it’s competitive – stay in close contact with your lender to keep mortgage pre-approvals ready to go.
If you’re looking to learn more on how the current conditions are impacting your real estate position, please just reach out. I’m always free to take your call or email.
All the best for 2021.