What is going on with this crazy Victoria BC real estate market?  I mean, there are some obvious things to consider first. There is a global recession fully in bloom and local boom prices that are somewhat still in place.

The real estate board of BC keeps telling us that the bottom has been reached in housing prices and that we should see a recovery next year.  Several economists and pundits on the real estate market say that we will see a bigger correction in prices and to be careful when buying.

I just made a purchase myself in the condo market. After looking for over a year, and watching prices drop, I decided it was the right time in my life to make this investment (hopefully). The interest rates were really an attractive feature as well as the declining prices.

The biggest debate it seems, is what will happen when the interest rates rise and people with larger than they could handle mortgages start to feel the pressure. I definitely think this may become an issue.  I also think that the interest rates will reflect the market and should stay on the lower end until we are fully out of this recession.

My plan is to keep the condo for 5 years or less and either sell it for a small house and some property (that is rentable) or hopefuly go travellling. Wishfull thinking I know at this point.  But with all the development further out of Victoria in the western communities, I'm hoping that the convenience of living close to town will be favourable on the value of our condo in the years to come.

I'm wondering what other people's thoughts are on the current real estate market? Are you a renter that hates the idea of buying and finds it stupid? Or are you an owner, who has made a ton of cash in the past and thinks real estate in Victoria will never be a bad idea.

It will be an interesting discussion for sure. Thanks for listening.