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.
If you'd like to learn how CMHC makes their assessment, CLICK HERE
No comments:
Post a Comment