A proposal to build a five-storey, commercial and condominium development that would breathe life into the historic Northern Junk buildings at the foot of the Johnson Street bridge will be before Victoria's new city council next week.
The Bank of Canada left its trend setting interest rate unchanged once again at 1%. You can expect mortgage rates to remain low, with a fixed five year mortgage avaialable from 3.29% and variable mortgages from 2.8%. With a spread so small, the fixed rate is looking very attractive!
Over the last 30 days, 253 single family houses were sold, down by 11 houses from last week. The median price is up $1,000 to $530,000. The average house was on the market for 58 days.
In the same time period, 98 condos were sold, down by 11 condos from last week. The median price is down $6,500 to $291,000. The average condo was on the market for 56 days.
There are now 1,758 houses for sale, down by 137 from last week. Condo inventory has fallen by 62 to 935 suites.