An initiative we started late last year at the Victoria Real Estate Board is giving us some excellent data on market trends in the Victoria BC real estate market. As a director and chair of a Communications Task Force, I helped devise a market survey that is sent out via email at the end of the month to each Victoria-area REALTOR® who sold a house to a buyer that month.
The data that comes in is an invaluable snapshot of the situation for the average agent ‘on the street’ as to where the buyers are coming from, what they’re buying, and other interesting data.
I just received this past month’s results this morning. Some interesting facts:
- 31% of buyers last month were first-time buyers
- 51% of buyers purchased with a conventional (ie, more than 25% downpayment) mortgage.
- 15% of buyers were single females, a trend that has been noticeably increasing in recent years
- Nearly three-quarters of buyers were moving within the Greater Victoria area, and 3.5% were from outside of Canada.
- 82% of buyers found the property through information provided by a REALTOR® (client portal, PCS, phone call, etc.), or through REALTOR.ca
I’ll continue to post this information on a monthly basis, as it is a “real world” snapshot of activity in our marketplace. You can read the full survey results here.
If 2010 is the year to buy your first home, I invite you to an informative, free seminar on February 9. Hear from a financial planner, mortgage broker, and me about creating a plan to save for a down payment, get a good mortgage and find a great home. More details and sign-up can be found at TimAyres.ca/seminars
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