Victoria
Victoria is the capital of Canadian province, British Columbia. This city is located in the craggy southern end of Vancouver Island. Victoria has many parklands that’s why it is frequently used for outdoor activities. British colonial past of the city is represented in its Victorian architecture which also includes the stately Craigdarroch Castle mansion. This city also has Butchart Gardens which have 55 acres of the floral displays, water feature, a carousel and plus statuary.
Real estate outlook for 2020:
In spite of less listing and agent issues in the challenging time of COVID-19, the property sales in the Great Victoria City for the month of July showed a prominent increase on two fronts. 979 properties have been reported by the Real Estate Board, which amounts to a 38% jump from the July of 2019, and a total of 21.2% increase over the sales in the month of June in this year. Local agent Sandi-Jo Ayers and Board president gave an explanation for 2020 comparison. She said that if we look at numbers alone, the months of June and July were reasonably busy and the total number of sales are actually on the upper end of our market for typically the month of July.
There was a major increase in the sales of single family homes over previous year, with total 599 sales there was a major 61% increase in July 2019. Condo sales represented a modest 11% climb over the last year, with a total 239 units sold. At the end of July, number of the active listing was 2,653, a 10% lesser than at same point previous summer and shade under 2,698 listings that were agile as of June 30 this year. The market is continuing to make a long-term and low supply of the inventory “which exerts pressure on our market and prices” was said by Ayers.
Marketing Growth and stability:
Victoria days of “newlyweds and nearly dead” all over the capital of BC is officially “in”, and this city is fascinating with all kinds of international attention. There was a net migration of 93 percent between 2014 and 2016 to the Great Victoria City. The new census data represents a total of 6.7 percent increase in the population, surpassing average national growth rate. As the city’s housing market continues to increase, the capital city of the province has now become a shelter for the first time homebuyers and also for the other interested owners of the property.
Famous industries of the city are food products, education, technology, education, federal and provincial government services and administration. The Canadian forces, University of Victoria and Camosun College are the other nearby employers of the economy of the city. The other sectors of economy of the city are online book publishing, food product manufacturing, investment and banking, various public and private schools, the light aircraft manufacturing, various high tech firms in the pharmaceutical industry, technological products and engineering, architecture, computers and telecommunications.
