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

Saanich councillors slow to respond for feedback on council procedures

Among calls for procedural changes, staff still waiting to hear from six councillors

Saanich sponsors Jeux de la Francophonie giving $50,000 for the French-language Games

Couns. Susan Brice and Nathalie Chambers opposed funding, citing substantive and procedural concerns

VicPD arrest reportedly armed man wanted on Canada-wide warrant

The man was found near Centennial Square on Tuesday afternoon

Port Renfrew man charged with animal cruelty

Hot coffee poured on dog’s face, say police

Sarah McLachlan performs and donors raise $555,000 for inclusive outdoor activities

Power To Be reached their fundraising goal at their Nature Gala on July 12

VIDEO: Black bear caught climbing tree in Langford neighbourhood

Triangle Mountain residents on alert following bear sighting

Report of dead body in B.C. park actually headless sex doll

This discovery, made at Manning Park on July 10, led police to uncovering two other sex mannequins

Grand Forks fire chief found to have bullied, harassed volunteer firefighter: report

WorkSafeBC, third-party human resources investigation looking into allegations complete

Taekwondo instructor, 21, identified as B.C. bat rabies victim

Nick Major, 21, an instructor at Cascadia Martial Arts in Parksville

15-year-old with imitation gun caused ‘dynamic’ scene at Nanaimo mall

No one was harmed in Monday’s incident, say Nanaimo RCMP

B.C. on right road with tougher ride-hailing driver rules, says expert

The provincial government is holding firm that ride-hailing drivers have a Class 4 licence

RCMP investigating alleged ‘sexual misconduct’ by cyclist on BCIT campus

BCIT said they were reviewing video evidence of the incident

New home cost dips in B.C.’s large urban centres

Victoria, Kelowna, Vancouver prices decline from last year

Graphic suicide scene edited out of ‘13 Reasons Why’ finale

Suicide prevention groups support the decision

Most Read