The market is assessing the impact of the Coronavirus. The impact may not be as strong as some fear.
Metro Victoria home prices increases have accelerated recently.
Buyer interest has picked up and is better than 2019 but purchase volumes are not breaking any records.
Owners of houses appear to be reluctant to sell - there fewer "FOR SALE" signs on lawns. On the flip side, condo owners are trying to unload homes (perhaps flipping pre-sales?) and there is an abundance of condo supply.
The typical Metro Victoria household still cannot afford current condo prices, nevermind house prices.
The Metro Victoria real estate market was identified by CMHC, the government owned mortgages default insurer, as a high risk market before the Coronavirus became an issue.
