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This new pricing system implements Competitive Game Theory and information asymmetry to optimize sale prices based on demand. Could it be the new trend for developers?
Since the beginning of the COVID-19 pandemic, house prices in Victoria have been steadily rising. Take a look back to June 2020, when the MLS benchmark price for a house in the Victoria Core was $896,700. Fast forward to June 2021 however, and we can see the MLS benchmark price rise to $1,063,500, an 18.6% increase! As you can see, despite COVID-19’s effect on the economy here in Victoria, real estate has remained an excellent investment.How does this relate to condos? Well, the MLS benchmark price for a condo in Victoria in June 2020 was $490,400 and as of June 2021, the benchmark price has risen slightly to $531,100. This increase is much smaller than the housing one, coming in at only 8.3% over the year.
