According to the report, one of Victoria’s key advantages is its strong rental market. It has a vacancy rate in the B.C. of 0.5 per cent, which is extremely low. Rental cash flows are the lifeblood of real estate investments.
The study also pointed out that Victoria is home to a stable local economy with many residents having secure government jobs. As such, defaults on mortgage payments are rare, so house prices steadily grow. It also mentioned how Victoria is gradually becoming very tech oriented with a number of local startups propping up.
Victoria’s real estate market definitely appears to be in a great position for continued growth; being a rising population, a stable economy, and a desirable place to live. On the other hand, this will only make things more difficult for those who are already having a hard time trying to buy their first home.
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Article by Admin