House prices will keep increasing, predicts Victoria Real Estate Board president

Despite economic downturn, Greater Victoria property values hold steady

A shaky global economy hasn’t rattled the local real estate board president’s confidence in Greater Victoria’s property market.

“It’s hard to look (ahead) over a couple of years, especially with the instability in the world economy right now,” said Dennis Fimrite, president of the Victoria Real Estate Board and a realtor with Firm Management Corp., when asked about the future of real estate in the region.

“People in Victoria realize real estate is a safe place to put their money still. I think we’ll see prices steadily rise for the next few years.”

Fimrite said historically, prices can spike dramatically in the region, then tend to flatten out for the following three to four years.

Asked whether he thought real estate prices might ever drop significantly, Fimrite said, “Not really, no.”

Good employment opportunities, a diversified economy and beautiful surroundings will hold the market steady, he said.

According to the Multiple Listing Service, sales slowed once again after a modest revival in August. In September, 458 properties moved, compared to 542 the month before. September 2010 was a particularly slow month, with 395 property sales.

Month over month, the average price of properties declined slightly in Greater Victoria. The average price of a single-family house was $622,393 – about $30,000 less than in August.

The average price for condos slipped slightly, by about $6,500 to $332,490 in September. The average for townhouses showed virtually no change.

In September, 17 properties sold for more than $1 million, including a Saanich East house that went for more than $6 million.

The average price for a detached house in Greater Vancouver was $888,243 in August 2011, or $407,457 for a condo.

Just Posted

Elizabeth May’s wedding dress a ‘walk through a garden’ on Earth Day

Green Party leader set to get married in Victoria

Peninsula students taking advantage of French activities

Canadian Parents for French help organize and promote activities

Monday sees rain with high of 10 C

Plus your weekly forecast

Number of ancient humans continues to grow after discovery

Scientists identify at least 12 species outside of Homo sapians following discovery in Philippines

Sri Lanka invokes war-time military powers after nearly 300 killed in Easter bombings

Sri Lanka’s minister of tourism says 39 foreign tourists were killed in the Easter Sunday attacks

POLL: How often does your family use BC Ferries?

Navigating the lineups for BC Ferries is a way of life for… Continue reading

Crime Stoppers most wanted for Greater Victoria for the week of April 16

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

Trudeau to be portrayed on ‘Simpsons’ episode

Toronto journalist who’s posted videos of himself doing impressions of the PM voiced him for the show

Campbell River RCMP say alcohol and speed may be factors in collision

Woman injured after driver ran into her car on Highway 19A, says fire captain

Bodies of 3 mountain climbers recovered after last week’s Banff avalanche

The men disappeared while attempting to climb the east face of Howse Peak in the Icefields Parkway

Happy birthday: Queen Elizabeth II turns 93 on Easter Sunday

Sunday is the first of two birthday celebrations each year for the queen

RCMP confirm witnesses say body found at Kelowna’s Gyro Beach

Police tape is blocking part of the beach and several RCMP officers are on scene.

B.C. fire department rescues kittens

Enderby homeowner not aware kittens in wood pile near garbage pile fire that got out of hand

Most Read