Some had expected that foreign buyers would turn their focus on Victoria following the introduction of the foreign tax in Vancouver, however that has not been realized.
“There’s certainly no evidence so far of showing a big shift of foreign buyers to Victoria,” the board’s chief Mike Nugent told the Vancouver Sun. “As soon as it was implemented everybody phoned and said, ‘what are the numbers like? You must be getting an avalanche.”
Among the trends Nugent sees in Victoria is baby boomers selling high-priced Vancouver homes and moving to Victoria where their money goes further.
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Last year saw strong sales and price rises for homes in the Victoria region but sales are expected to be more moderate in 2017. The Victoria Real Estate Board believes that prices will continue to rise despite slower sales, due to the challenging levels of inventory in the market.