2007 Market Outlook

2007 Market Outlook Posted December 12th, 2006

Strong & Balanced Real Estate Market Predicted for 2007 Bev McIvor, 2007 president of the Victoria Real Estate Board, says the Victoria area housing market should remain strong and stable in the coming year. “After several years of rapidly rising prices and exceptional activity, we saw a return to a more balanced market this year. Demand remains strong and interest rates continue to be attractive; as a result, all indications point to continued strength and a balanced market throughout the coming year.” McIvor noted that with more properties on the market buyers now have greater choice. At the same time, continued strong demand provides an attractive market for sellers who price their properties realistically. "We expect that prices will continue to rise next year, but at a slower rate than in previous years," commented McIvor. McIvor noted that real estate continues to be a driving force in the economy. "Property sales through the Victoria Real Estate Board's Multiple Listing Service® will total over $3 billion during 2006 and this has resulted in trememdous spin-off benefits to the local economy.".