Re/Max report says Victoria real estate prices up 12 to 18% again

From today’s Times Colonist:

The average residential price in Greater Victoria was $612,584 in the opening quarter of this year — a 12 per cent increase from the same period a year ago — and limited inventory is expected to drive prices even higher, says a new report. 

According to Re/Max, the year-over-year average condo price in the region is up 18 per cent, from $333,961 to $393,545, with young couples and retirees driving the demand.

Typical prices for so-called luxury homes ranges between $1 million and $2.5 million. The report notes “move-up” buyers are driving that demand with ocean-front properties in Oak Bay the most coveted buys.

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