"Victoria used to be known just for its weather, the government and beautiful tourist destination. That is no longer the case as Victoria has become a vibrant and dynamic economy with a growing diversity in both economic engines and demographics."
- Don R. Campbell, Senior Analyst
REIN's latest research finds Victoria, BC meets criteria for a stable and sustainable investment market and finds the city poised to outperform many other non-Metro-Vancouver real estate markets in BC. As the foreign-buyers tax in Metro Vancouver shifts demand to Victoria, the report finds this is only one of many factors causing the upward movement of property demand and values; our research shows that growing diversity in economics and demographics support this demand.
REIN’s Authentic Canadian Real Estate (ACRE) system, including the Long-Term Real Estate Success formula, predicts growth in GDP, jobs, and population, leading to sustainable real estate
investment markets. Applied to Victoria, the REIN Victoria Economic Fundamentals report, which can be found HERE, finds Victoria is growing in the three key indicators, and more:
- Economic growth - with GDP forecasted to increase 2.3% through 2016.
- New jobs and diversification of job sectors – from steady post-secondary education and cruise industries to an increasing technology sector (with 880 tech companies, creating 15,000 direct), job growth is expected to continue.
- Population growth – The population is predicted to increase four – five percent every five years through 2025, this is driven in part by:
- New jobs attracting university students to stay in the city post-graduation
- New jobs attracting an influx of people from elsewhere seeking employment
- Mainlanders escaping exorbitant housing prices as the impact of the tax on foreign buyers drives up real estate prices throughout the Lower Mainland
- Strong rental demand, exceeding supply – Victoria’s extremely low vacancy rate, at 0.6 per cent, is forecasted to remain low through 2017 and beyond.
Easily understand Victoria's key economic indicators and what they mean to safe and secure investment opportunities. Read the full report here.