CMHC Senior Market Analyst Eric Bond calls Victoria’s Real
Estate market “Overheated”. In his opinion, the city of is facing a housing
affordability crisis, with the average price of a home reaching $640,802 in
March, up 11.3 per cent compared to March 2016. Put another way, the first
quarter of 2017 saw the average price for a single-detached home increase by 19
per cent as compared to the same quarter last year.
The Victoria Real Estate Board reported the Multiple Listing
Service® Home Price Index benchmark value for a single family home in the
Victoria Core in March was $790,100 - a
19.1 per cent increase from March 2016.
Despite the presence of strong market fundamentals like
employment growth, increased population driven by younger demographics and low
mortgage rates, CMHC doesn’t think the market’s price acceleration can be
justified by these factors alone.
To assess the states of the housing markets, CMHC looks at
four factors.
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