“The consensus among colleagues is offers are coming in well off the listing price. It will be up to the sellers to come to grips with that reality.The buyers aren’t lowballing, they are saying that’s what they will pay.”
- Michael Ryan, realtor, Century 21 Queenswood, as quoted in ‘Victoria housing tilts toward buyers’, Times Colonist, 3 Aug 2011
…the average price for single-family homes sold in Greater Victoria last month was $581,117, down from $629,292 in June. The median price declined to $535,000, while the sixmonth average fell to $615,439. Prices were also down for condos and townhouses.
Real estate board president Dennis Fimrite maintains property owners won’t see the value of their homes eroding. “We will probably have a couple of years of steady prices,” he said, noting that will be a change for Victorians who have been used to watching selling prices escalate over the last several years.