Real Estate Market in Vancouver experiences Influx of buyers from Victoria

Home prices Victoria, the capital city of the province of British Columbia have gushed. The real estate market has become extremely sizzling hot and this mostly due to the fact that more offshore buyers from Vancouver have moved to the city of Victoria.

The president of the Real Estate Board of Victoria, Ara Balabanian stated that Vancouver was the offshore market the whole of last year 2016. She also stated that the city has experienced the overflow of people and offshore buyers from Vancouver. This is house sellers and realtors have been selling property and houses at high and unbelievable prices. In the meantime, the prices have been down-scaling in the city of Victoria.

The arrival of new buyer and tenants across to the province of British Columbia has increased the prices of houses to one of the highest records in British Columbia. It has also increased the population of the province which had about a population of about 384,000 residents last year 2016.

Due to the increasing demand for housing and the reducing number of house being put on the market for sale, house sellers and realtors have been making a lot of money as the sales usually go well above the asking price.

In addition to this increase of prices and sales in the province of British Columbia, the government decided to implement a tax of 15 per cent on foreign home buyers in the Vancouver area last year.

The neat increases of foreign buyers have been noted to be mostly from China. However, the number of offshore buyers and sales in Victoria cannot be compared to the offshore sales in Vancouver in the recent years.

There have a number of rumors and bidding wars happening all over the city of Victoria. Recently, a detached house that was built in 1974 near the University of Victoria was put for sale on the market for an amount of about $800,000 and sold after nine days for an amount of $921,000.