No matter what the market there is always bears and bulls, but according to the Canada Mortgage and Housing Corp. Victoria property values are Overvalued. Could this me true? Maybe. Maybe not. Let’s not forget it’s a fluid marketplace with lots of moving parts. Nonetheless, the article is an interesting, albeit, superficial read. A quote I thought worthy of highlighting: ““For this reason, homebuyers should ensure that their purchases are aligned with their needs as well as the long-term market outlook.”
To me, this is how all real estate purchases should be made, even if hoping for a quick appreciation because not everyone can get lucky with timing. I think the fundamentals are still strong in Victoria and feel that, despite how expensive if has become to own a home here, much of the appreciation was overdue. 2017 will be an interesting year.
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