Several factors are making Greater Victoria a hot market for investment, according to the Real Estate Investment NetworkB次元官网网址檚 (REIN) projections for next five to 10 years, and the West Shore is no exception, although it should remain cooler than in town.
B次元官网网址淕enerally it wonB次元官网网址檛 be as frenzied. ItB次元官网网址檒l have its moments B次元官网网址� but overall the frenzy will be right in the city and then itB次元官网网址檒l ripple out,B次元官网网址� said Don Campbell, the NetworkB次元官网网址檚 senior analyst.
Economic and population growth, new employment opportunities and a strong rental demand are leading to an uptick in the Greater Victoria market. Couple that with the foreign buyers tax in Vancouver that has investors shifting their focus across the Strait of Georgia, and itB次元官网网址檚 making for an interesting scenario, he said.
B次元官网网址淚 would call it a perfect storm situation where youB次元官网网址檝e got all of these factors pointing right at the southern part of Vancouver Island as a place poised as a place thatB次元官网网址檚 going to feel the upward effects of rent and purchase price.B次元官网网址�
The Capital Region is expected to out-perform non-Vancouver markets over the next several years. Jobs, and specifically the diversification of job sectors, are a key cog in the expected growth, with post-secondary education, cruise industries and an increasing technology sector at the forefront.
The areaB次元官网网址檚 880 technology companies B次元官网网址� which directly employ 15,000 area residents B次元官网网址� have played a large role in keeping university students in the region after theyB次元官网网址檝e graduated and make Greater Victoria a popular landing spot for young people looking for employment.
The areaB次元官网网址檚 climate and lifestyle is attracting residents as well, while mainlanders are also choosing Greater Victoria as a means to escape VancouverB次元官网网址檚 out-of-control market. As a result, REINB次元官网网址檚 formula suggests real estate investors and home buyers should find reasonable returns in the Capital Region.
The West Shore should continue to attract area residents looking for a more affordable lifestyle, while also bringing in other Canadians who want in on the areaB次元官网网址檚 favourable lifestyle.
B次元官网网址淎s you see a booming market, the next level booms, but not as much as the centre core,B次元官网网址� Campbell said.
The network also predicts that in five years, the highest demand for rentals and purchases will trend towards two or more-bedroom unit properties, rather than one-bedroom units or bachelor suites.
B次元官网网址淚 think that we should be very cautious if the city is going to start approving microsuites. Frankly, I think thatB次元官网网址檚 the wrong way to go,B次元官网网址� Campbell said, adding that some millennials might jump on those opportunities now, but once they begin thinking about starting a family, their small suites will go by the wayside.
B次元官网网址淚f youB次元官网网址檙e going to be buying, and you have a long-term outlook on life, you buy with two bedroom units,B次元官网网址� he said.
joel.tansey@goldstreamgazette.com
GREATER VICTORIA MARKET UPDATE 禄 MONTH TO DATE NOV. 14/16 COURTESY VICTORIA REAL ESTATE BOARD
禄 236 / 573 -- NET UNCONDITIONAL SALES / TOTAL, NOVEMBER 2015
禄 299 / 747 -- NEW LISTINGS / TOTAL, NOVEMBER 2015
禄 1,834 / 1,952 -- ACTIVE RESIDENTIAL LISTINGS / TOTAL, NOVEMBER 2015
