Economic Outlook for Victoria BC’s Real Estate Market

by hwilde on June 20, 2011

Another component of the Economic Outlook for Victoria BC breakfast hosted by Chemistry Consulting last February was a presentation by Dennis Fimrite, president of the Victoria Real Estate Board.

Dennis reiterated the fact that the real estate industry is cyclical in nature, and a driving force in the economy.  Historically, real estate prices in Victoria have increased exponentially due to the desirability of this beautiful city.

Results of a recent buyer survey provide insight into:

  • Who is buying real estate in Victoria (only 14% retired people!);
  • What they’re buying (new or established homes);
  • Why they are buying real estate (needed larger or smaller home, work related move, investment, etc.);
  • Where they are coming from (within Greater Victoria, the lower mainland, elsewhere in Canada or from outside the country), and
  • How did they find the property they ended up purchasing (37% of purchased properties were found by a realtor!).

2011 is forecast to see a return to a balanced market, with steady sales and modest price increases.  Victoria remains a choice destination for out-of-town buyers because of our:

  • Temperate climate that provides 4 seasons of comfortable living;
  • Low crime and unemployment rates;
  • Vibrant entertainment and arts community;
  • Access to outstanding post secondary education;
  • Versatile employment market offering above average income levels, and
  • Excellent amenities make living in Victoria very desirable.

Overall the economic outlook for Victoria, BC’s real estate market is favourable.  Regardless of fluctuations in the economy the fact remains that Victoria BC is a place that people from all over the globe want to call home, and that puts Victoria’s real estate market on firm footing.

hwilde

Victoria BC Realtor Heather Wilde was raised and educated in Winnipeg. After graduating from both the University of Winnipeg (Bachelor of Arts) and the University of Manitoba Faculty of Education she relocated to British Columbia in 1975. Her career in real estate has been successful due to her commitment to and genuine pleasure at helping families find homes and properties for sale in Victoria BC. Heather was licensed as a Realtor in 1976 and since then has worked hard to achieve a high standard of performance; consistently attaining a Victoria Real Estate Board MLS Gold Award. If you ask Heather, she will undoubtedly say that although it’s nice to be recognized in the industry through performance awards, what really drives her success is the relationships and friendships she forges with the families that she helps. Many of Heather’s former clients have become close friends, and many of her close friends have become clients. That says a lot about her dedication to providing professional service while maintaining a friendly rapport with clients. Heather loves to travel the world (preferrably on a cruise ship!) and also enjoys tennis and bridge during her spare time. As of January 2014, Heather has retired from her real estate career.

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