Sunday, March 15, 2009

Bear Market at Bear Mountain

Bear Mountain is calling it a bear market and slashing prices at Finlayson Reach and St. Andrews Walk. This was mentioned over at Vibrant Victoria a couple days ago, just haven't had the time to post it yet. H/T to anonymous for mentioning it in the comments of the last post.

Also, H/T to anonymous regarding the auction at Reflections - Chek6 reported that 15 of the 40 units sold. So, 25 condos left. When's the no reserve auction?

Apparently, a local realtor sent out the following email recently. I thought it was good for a laugh.

"You may already know, but I wanted to ensure that you were aware of two significant developments that occurred last week in the Victoria Real Estate Market.

Firstly, Bank of Canada interest rates dropped by another half point followed by most Chartered Banks. Prime Rate now stands at 2.5% which is unprecedented in a generation.

Secondly, the Victoria Real Estate Board announced that the number of sales in the Greater Victoria Region had risen substantially during the month of January over the previous two months.

The reaction in the marketplace to these two events was immediate and dramatic. Buyers sensed that the market was turning and that prices would now begin to stabilize after months of decline and uncertainty. This combined with record low mortgage rates resulted in an amazing number of accepted offers over the weekend on listings that in many cases enjoyed multiple offers. It has been a while since this kind of market activity has been evident in the Greater Victoria Region.

It is a great time to buy and more and more people are recognizing the opportunities that are available."

P.S. Just saw the money printing video, thanks HHV for the link. These are scary times. Thanks Obama.