VancouverB次元官网网址檚 turbo-charged real estate market already has buyers and businesses looking at Vancouver Island, and that is likely to increase in light of the provincial governmentB次元官网网址檚 recent 15 per cent tax hike for foreign buyers.

Realtor Mike Nugent, president of the Victoria Real Estate Board, said that in 2015, the VREB handled about 8,000 property sales, a total he expects will rise to 11,000 in 2016.

Buyers in Victoria from different countries and Vancouver  represent about two-and-a-half per cent for 2015, a total consistent with most recent years on average, Nugent noted, but he expects that to increase significantly once figures are finalized for 2016.

B次元官网网址淪ome immigrant buyers and buyers from the Mainland seem to like Saanich, Gordon Head, Oak Bay and Fairfield because those neighbourhoods are close to UVic,B次元官网网址� Nugent said. B次元官网网址淚t could be up to a quarter of the sales for some of those neighbourhoods [by the end of the year].B次元官网网址�

The B.C. Real Estate AssociationB次元官网网址檚 latest projections call for an increase in home prices of 15.4 per cent this year, followed by another 6.2 per cent in 2017.

A Chartered Professional Accountants of B.C. Regional Check-Up Report indicates that a surplus of home buyers equates to population growth, increased housing starts and overall job creation.

Eric Erikson, CFO for Redlen Technologies attended a CPABC Victoria economic roundtable earlier this summer. He said in a media release that the impact of VancouverB次元官网网址檚 real estate market on Victoria is B次元官网网址渕assive.B次元官网网址�

B次元官网网址淲eB次元官网网址檙e starting to see bidding wars that weB次元官网网址檝e only heard of in Vancouver,B次元官网网址� he said, citing as an example a home in Victoria listed for $800,000 that sold recently for more than $900,000 after offers were presented on a specific evening. B次元官网网址淐ars were lined up around the cul-de-sac and not one of the potential buyers was from Victoria.B次元官网网址�

High real estate prices in Vancouver are also responsible for driving talent in the $4 billion tech industry to Victoria, said another roundtable participant, CPA Mark Mawhinney an investment advisor at Odlum Brown Ltd.

VictoriaB次元官网网址檚 amenities and culture are the most similar to Vancouver, he noted. B次元官网网址淵ou can have a very fulfilling professional life here and I think Vancouverites are starting to figure that out,B次元官网网址� he said. B次元官网网址淐ertainly the tech industry is seeing that. A number of Vancouver tech companies are opening offices here and relocating their staff.B次元官网网址�

Sonterra Ross, a CPA and COO of the Greater Victoria Harbour Authority, indicated the salary level matched against housing and living costs is responsible for an increase in talented young people considering a move to Greater Victoria.

B次元官网网址淔or young professionals and their families, if they can get a good paying job here in Victoria and enjoy a lower cost of living, theyB次元官网网址檒l relocate here. ItB次元官网网址檚 an opportunity for them to minimize debt and save,B次元官网网址� said Ross, another participant at the CPABC roundtable.

The influx should address the challenge of finding qualified people, an issue common to many businesses in Victoria, said Simon Philp, director and team leader at CIBC. He added that relying solely on the quality of life to retain those workers could cause other issues

Chuck Chandler, a resident partner at Hayes Stewart Little & Co. in Victoria, said in CPABC editorial that it is important for the sustainability of the regional economy to take advantage of the growing in-migration and subsequent real estate boom.

B次元官网网址淕rowth in population means that businesses will benefit from a bigger pool of skilled talent,B次元官网网址� Chandler said. B次元官网网址淗owever, as a region we must work to retain incoming talent by offering greater incentives beyond higher wages to individuals and not rely solely on quality of life to retain them.B次元官网网址�

For more on the CPABC Regional Check-up, check out bccheckup.com.

editor@goldstreamgazette.com

Q: WHOB次元官网网址橲 BUYING HOMES IN GREATER VICTORIA THESE DAYS?

Some believe the recently imposed 15 per cent tax hike for foreign buyers in Metro Vancouver will drive them to look at alternative markets, including Greater Victoria.

But some experts are pointing to young professionals flocking to the region as the cause of a possible increase in buyers not from Victoria. While we wonB次元官网网址檛 know if that is true until the figures for the year are finalized, some experts are urging businesses not to wait to take action.

More and more young professionals are opting for the Island lifestyle as opposed to Vancouver living because of Greater VictoriaB次元官网网址檚 similar amenities and culture at a lower cost of living. But industry experts are warning that keeping workers based solely on quality of life isnB次元官网网址檛 a solid long-term plan. More incentives are needed across the region to keep this influx of professionals on a more permanent basis.

That is an area West Shore municipalities are excelling in as they look to create more high-end jobs, amenities and recreational facilities that will keep their residents close to home. While quality of life is a key factor, it isnB次元官网网址檛 the only one attracting new buyers.

GREATER VICTORIA MARKET UPDATE 禄 MONTH TO DATE AUG. 22/16 COURTESY VICTORIA REAL ESTATE BOARD

禄 599/741 -- NET UNCONDITIONAL SALES / TOTAL, August 2016

禄 811/952 -- NEW LISTINGS / TOTAL, August 2016

禄 2,139/3,688 -- ACTIVE RESIDENTIAL LISTINGS / TOTAL, August 2016