Some 55,000 Victorians are just several years away from retirement age, and tens of thousands are now retiring. This means local job prospects are going to make for some amazing opportunities, but they are also expected to push real-estate prices higher.
Some food for thought in here, anyways.
British Columbia's Capital Region is experiencing a construction boom as population growth fuels demand for housing. Job prospects and an increase in boomers choosing southern Vancouver Island as a retirement destination are expected to keep the housing industry busy for years to come.
Perfect storm of jobs and population growth pushing Victoria real-estate values higher
The Capital Region’s run-up in housing prices is far from over as a near perfect storm of demand pressures continue to push values higher and squeeze new supply.
In March of this year Citified published an article outlining multiple factors fuelling Victoria’s new-build housing prices and forecasting a square footage rate rise from an average of $650 to $1,000 for high-end inventory by mid-2018.
Some 90 days later, home buyers are already seeing condominium prices climb well in excess of $700 per square foot with desirable units fetching prices at or above $1,000.
“I’ve never seen anything like the market we’re in now,” says Steve Cox of Cox Developments, one of many local developers building thousands of high-density condominium and purpose-built rental homes across the region.
“The housing boom we’re in is for the first time driven not only by a single major factor like retirees choosing Victoria as a retirement destination, but also young people flocking to the Island for jobs and downsizers turning to condos. On top of that, rising rental rates have also started to push people towards ownership.” [Full article]