Its report predicts that the condo market in particular is set to “grow steadily” in the years ahead although the high-end $1 million-plus market is also showing healthy activity.
The increased demand has added 10 per cent to average home prices though, which reached $543,564 in the first quarter of 2016.
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The housing market in Victoria is enjoying a strong increase in demand as buyers seek alternatives to high-priced Vancouver homes. Greater Victoria is in a seller’s market and sales have jumped 48 per cent in the first quarter of 2016 compared to a year earlier according to Re/Max.