The Victoria region experience favorable sales of homes in 2016 and an increase in the price of homes, however, the sales are anticipated to level down and be regulated in this year. The expectations of the Victoria Real Estate Board are that the prices will increase despite the slow activity of sales because of the challenging levels of inventory in the housing market.
Ever since the foreign tax was introduced in Vancouver, some had hopes that foreign buyers will focus more on the housing market in Victoria, however, it didn’t happen as most anticipated. Mike Nugent who happens to the chief of the board told a news reporting firm; “There’s certainly no evidence so far of showing a big shift of foreign buyers to Victoria. As soon as it was implemented everybody phoned and said, ‘what are the numbers like? You must be getting an avalanche.”
From the trends that Victoria might potentially set as baby boomers selling the highly priced homes in Vancouver, with others relocating to Victoria, where the money then goes to.