Bradstokes.ca May. 31st. 2021. 2bed 2bath Condo Market Discussion. Victoria BC. Canada. Opinion Only. Bradley Stokes-Bennett. MBA. RI. Real Estate Agent & Developer. Some Economic Assumptions around a segment of the Victoria Real Estate Condo Market. I look at specific stats to get an idea of what price points for newer construction might have the highest demand. What economic forces should be considered moving forward? Population growth, construction costs and government policy alongside Demand Behaviour changes brought on by Covid context? I try to take approximately 20 minutes that might help Buyers or Sellers when looking at this specific market.
On first glance the Victoria BC Real Estate Market looks incredibly hot over the past month of October 2020. However, I took a closer look at the 3 major economic products in the market; Single Family Homes, Condos and Townhouses. The stats of the past month can show us how the story for each type of home can differ. In my opinion, Single Family Homes in Victoria are currently experiencing a very high priced Sellers Market. If Buyers are looking for their purchasing power to go farther, both Condo's and Townhouses might be worth exploring in more detail at this current point in the economic cycle.
I take a brief look at the posted Victoria Real Estate Stats on October 1st. 2020 by VREB. https://www.vreb.org/current-statistics#gsc.tab=0 Hopefully I can showcase how it is important to narrow your focus to find relevant market data specific to your home of interest. While single family homes for example are in high demand, we must question if other assets such as condos currently are as well.
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The company SUPERUS can teach us the importance of using USER PERSONAS in real estate development and other areas of business and investing. If you are buying or selling a home, always ask yourself (in my opinion) who would buy this house in the future and why.