Victoria BC House Prices Headed Back Up?

Greater Victoria real estate sales got a boost in October but it's anyone's guess as to where the market is heading! The following graph is certainly a jump in the right direction.

Although the Greater Victoria real estate market has been rather sluggish of late, the number of sales for October--467-was up 18% over September, 2010. More encouraging was the fact that the average price of Single Family Dwellings (SFD's) has jumped from $586,686 to $641,780 in the past two months. The median price of SFD's also rose in October, but not as sharply as the average price.

The average price of townhouses has shown a steady increase from $420,578 at the end of July, 2010 to $446,026 at the end of October. The median price of townhouses declined slightly in October.

The average price of condominiums in Greater Victoria has risen to $323,522 last month, up from $295,463 in September. The median price declined, however.

The reader should keep in mind that the average prices of homes can be artificially skewed by a few very highly priced homes during the time period. Twelve homes in Greater Victoria sold for over $1,000,000.

Courtesy: Victoria Real Estate Board