March Real Estate Way Up In Victoria – Not So Much In Calgary
Victoria has become a very hot real estate market. Last month, in March 2016, there were a total of 1,121 properties sold in the BC capital – more than any other year. The runner-up was way back in 1991 with 1,083 sales! We are interested in these real estate sales stats because they are a strong indicator of how busy we are at 2 Burley Men Moving.
We were run ragged last month with people moving into and out of all of those Victoria houses, condos, and town homes. Not to mention all of the action from renters as well!
Here’s something else we’ve noticed – it’s something that we haven’t seen discussed very much in the media. We are getting more and more bookings from people moving from the BC Capital region to places like Courtenay/Comox, Calgary, and the BC interior. It’s the opposite of what The Vancouver Sun reported as Vancouverites selling high and buying low(er) in Victoria. Some are cashing in on Vancouver market overflow and banking a big chunk of cash and then buying a less expensive home in another great community like Calgary.
Reports in Calgary are that March saw 1,588 home sales, which is almost 30% below the long term average for the month. Employment has taken a massive beating with the low price of oil which means many are having to move to anywhere they can get work to support their families. Reports seem to indicate that there is quite a lot more layoffs to come in Canada’s oil industry throughout the rest of the year so there are likely many more Calgarians going to be moving West into BC for work. Will there be a lot more BC retirees selling high and moving to Calgary to buy low?
Let us know in the comments section your experience with the lower house prices in Calgary and the much higher ones in Vancouver and Victoria.