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Let's look at the latest numbers for the spring bounce, courtesy of VREB. Here are the comparable sales numbers for the months of March 2006 and 2007.

While sales continue at a similar pace to last year, the performance is underwhelming, as year over year, declines can be seen in the prices of single family homes and townhouses. However, condos are doing better and selling at a higher price than a year ago.

Year over year, there was a decline of around 4% in the price of single family homes, versus an increase of almost 12% in the average price of a condominium. Townhouses trended slightly lower, around 2.8% lower year over year. Sales volume of all three types of units also rose slightly in the first three months of 2007 from 2006.

In 2006, approximately 1,716 properties from these categories were sold in the Greater Victoria area in the first three months of the year. In 2007, approximately 1,734 properties sold in the same period. As noted, inventory is greater while sales are steady. If there is a housing bubble in Victoria, it is still filling and has not popped yet.....