Vancouver’s real estate rush spills over to Victoria

This Uplands home is listed at $5.35 million. Agent Sylvia Therrien estimates it would cost $12 million or more in a similar Vancouver neighbourhood.

Victoria ranks third in luxury home sales growth among 100 global markets, says Christie’s

Victoria is the third-fastest-growing luxury home market in the world, thanks to buyers from Vancouver who are cashing out on their long-time homes and looking to the island.
That’s according to a new report by Christie’s International Real Estate, which noted that Vancouverites are taking advantage of the city’s property boom and capitalizing on Victoria’s lower prices.
Particularly popular among Vancouver luxury buyers are the “red-hot pockets” of Oak Bay and Uplands, says Newport Realty agent Sylvia Therrien. “Every agent in Victoria can tell you a story about a couple who got a great price for their home in Vancouver and comes here to buy,” she says. “It’s quite remarkable, the price difference.”
The Christie’s report found that Victoria’s luxury home sales, defined as properties priced at US$1 million and more, grew 45 per cent in 2015 over the previous year. It also points to the thriving tech industry and millennial entrepreneurs as prominent groups of buyers.
Foreign investors, who have been transforming Vancouver’s housing market, are less of an influence in B.C.’s capital city, according to Therrien. “Everybody knows where Vancouver is, but Victoria is still a bit of a secret for now.”

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