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According to reports from Christie’s International Real Estate, Toronto and Victoria, B.C are the hottest markets globally for a suburb. One of the main reasons why investors are going for Canada is due to its political and economic stability, and Victoria B.C provides a serene environment for real estate investment. Financial analysts say that over the past few years a perfect storm for home sellers has been forming in Victoria B.C. This can be attributed to low-interest rates, favorable prices and interest from many buyers. The average price of houses in Victoria B.C is lower compared to that of the Vancouver market, but the experts predict that the prices will continue increasing as more buyers flock the market.
The price of property in the Vancouver market has gone up by fifty percent over the last few years. Although in the previous year this hasn’t been the case in Victoria B.C market, most people who have bought property in the Vancouver market are showing interest in Victoria due to its favorable prices. According to reports from the Victoria Real Estate Board, home sales in Victoria were about 54 percent in January 2015, and the sales are set to increase in 2017 compared to 2016 when they dropped. Realtors say that some of those buyers are people living in the lower mainland area and increase in astronomical prices is now forcing them to invest elsewhere. The appeal to get the type and quality of house they would buy at a higher price in Vancouver has also led to the growth of the Victoria B.C real estate market. Job seekers and investors are also learning about the opportunities available in Victoria which makes the city’s property market very promising in future. Reports indicate that 65 percent of the buyers are from the Vancouver Island, while 9 percent are from the Vancouver area.
It’s estimated that property transfers involving foreign buyers in Victoria have grown from 3.9 percent between June and August to 4.6 percent in November 2016. Although it’s hard to determine how property prices will be over the next coming months, one thing is certain; the desire for luxury homes isn’t likely to decrease. Over the last three months, the demand for property seems to be higher than the supply of new properties and investors have started taking advantage of such opportunities. In addition to that, statistics from BC Stats estimate that the province’s population stood at 4.7 million on Dec. 16. This shows an increase of approximately 22,000 people since the last quarter of 2016. Opportunity is here for your development property, don't wait to long....call today to come in and talk to an expert.