We are currently looking for development properties in the Victoria area. If you would like to meet and discuss your opportunity please give us a call.
According to reports from Christie’s International Real Estate, both Toronto and Victoria are among the hottest housing markets in the world. Part of the reason investors are flocking to Canada is for its modern political climate and economic stability—and the relative serenity of Victoria provides for an ideal investment opportunity.
Financial analysts have been saying for years that a perfect storm for home sellers has been brewing here in Victoria, BC. This can be attributed to a combination of low interest rates, favorable prices, and a deep interest from potential buyers. And while the average price of housing in Victoria is lower than it is in Vancouver, experts predict that prices will continue to increase as more and more investors seek to buy up property on the island.
Property prices in the Vancouver market have increased 50% over the last few years. Now, people who have been buying property in the Vancouver market are showing an interest in Victoria due to its more favorable prices (for the time-being). Many buyers living in the lower mainland area are looking to invest elsewhere as a way to escape the astronomical prices in Greater Vancouver.
Job seekers and investors are becoming aware of the opportunities available to them in Victoria, which means the city’s housing market has a very promising future. Reports indicate that 65% of home-buyers in Victoria are from Vancouver Island, while 9% are from the Vancouver area. Part of the appeal is that home-buyers coming over from Vancouver can buy an equivalent home in Victoria at a much fairer price.
It’s also been estimated that property transfers involving foreign buyers in Victoria have grown from 3.9% between June and August to 4.6% in November of 2016. Although it’s hard to determine what housing prices will look like in the coming months, one thing is certain: the desire for luxury homes is likely to increase. Over the last three months, demand for housing has been higher than the supply of new properties on the market, and investors have started taking advantage of this golden opportunity.