Greater Victoria Realty Problem: How Cheap Is Considered Cheap In Buying Residential Property?

Amid Greater Victoria's shrinking housing vacancy this year, it sounded like the average income earners will not be able to likely afford the cheap housing prices up until this time.

Checknews reported that there are a number of properties listed for sale in the Greater Victoria, Canada, with a high price. Each property costs around less than $400,000. It seemed that at this point in time, the households wishing to own a house find it difficult to own one.

However, the same source said that even at this challenging price for the property, still there would be buyers who will be willing to own this kind of house listed. What is more surprising is that the cheapest home found on the realty estate listing still costs around $359,000 which is located in Esquimalt.

In this type of house, the buyers will make use of the house behind the bushes and more bushes with two bedrooms and one bathroom. Next to the list is the house located in Cedar Hill with $339,000. The potential buyer will then have the great access to the golf course, schools and the malls since they are situated along the proximity of the property.

Another property listed for sale is said to be the cheapest -- a $100,000 less than the house in Esquimalt. This house was situated in the quiet street in View Royal. According to the pricing listed by Josh Prowse, a listing agent, "The listing price was 299. We've had a total of ten offers on it. But multiple offer situations."

The multiple offers occurring in Greater Victoria included the tear down types of houses. That means that the house ownership competition is really that high.

That also means that with this high competition, normally the pricing will rise up like those prices in the two first houses mentioned. "Demand is up, and so are prices by 9 percent," Victoria Real Estate Board said.

They also added that the sales increased to 23 percent in the last year. "The market is hot. I've been in this since 2005 and this is as hot as I've ever seen. It reminds me of sort of 2006, 2007 before the 2008 financial meltdown."

With the house bargains, these will close until middle of February 2016 and takes off in the coming spring.