Prices up, but may be at ‘plateau,’ report finds

Times Colonist- Prices moved up for Greater Victoria homes in the second quarter of this year, but the region’s high inventory is pushing down some parts of the market, a spokesman for real estate company Royal LePage said yesterday.

"Homes are generally selling below asking price, and significantly so in some condominium cases," said Carol Geurts of Royal

LePage Coast Capital Realty in Victoria.

"It appears prices may have reached a plateau for the moment, in that much of the price growth we expected for 2010 has already happened."

Condos in the lower end of the price range are most popular, while it can be more difficult to move those priced at $500,000 and up. "I think it goes back to the economy."

Yesterday, the Multiple Listing Service showed 1,001 listings for condominiums for sale in Greater Victoria. Of those, 28 were priced at $1 million and up, with the highest at $4.2 million for a 4,060-square-foot condo at Songhees…

Prices up, but may be at ‘plateau,’ report finds

Bank of Canada won’t raise rates to cool housing

The Globe and Mail- The Bank of Canada won’t raise interest rates to cool the country’s hot housing market, a spokesman said Monday, preferring to leave any tinkering to the country’s Finance Minister.

“Some observers – those who see a housing bubble forming – have said that since low interest rates have stimulated housing market activity, the Bank should now raise interest rates to dampen that activity…”

Bank of Canada won’t raise rates to cool housing – The Globe and Mail

House price rise ‘an anomaly’ says Victoria homebuilders

Times Colonist- A bump in new home prices in August from July is likely merely an anomaly within a fragile industry where year-over-year prices have dropped 10 per cent, says the spokesman for Victoria homebuilders…

House price rise ‘an anomaly’ says Victoria homebuilders