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Economic Outlook for Victoria BC’s Real Estate Market

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.

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