The market in Victoria has become increasingly popular as people originally looking in Vancouver have started to settle in Victoria instead.
Victoria Real Estate Board President, Ara Balabanian, said “We’ve experienced the overflow from Vancouver. People are selling at very high prices over there and downscaling over here.”
As a result of many people planning moves to Victoria, home prices are increasing in Victoria as well. Due to the amount of people searching for homes in Victoria, a minimal number of houses are now listed which has resulted in houses selling for much higher than the original asking price as a result. In fact, a home outside of the University of Victoria was listed for $800,000 and sold for $921,000 days later.
Victoria has a population of about 384,000 residents consisting of a wide range of ages, making it a market that’s clearly appealing to many. From people looking to retire without spending their entire savings and for young families that are just looking for a fresh start, many people currently have their sights set on Victoria as an affordable alternative to Vancouver.
Another population that is often searching for homes within Victoria and Vancouver are coming to Canada from China. In fact, the government recently put a 15 percent tax on foreign home buyers in the Vancouver area as a result.
Although Victoria is starting to see an increase in offshore buyers as well, most are coming from Vancouver. Victoria does have a warmer climate which people find inviting and it’s a bit more of a “small-town” feel which people often seek.
This trend began in February of 2016 and has appeared to remain strong through the past year.
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