Victoria ranked fourth best B.C. city for real estate investment

Victoria ranked fourth best B.C. city for real estate investment

Capital only Island city listed

Victoria is the fourth best B.C. city to invest in, according to a recent Real Estate Investment Network (REIN) report.

Surrey is ranked first in top cities to invest, but Victoria is the only city listed for the Island. The benchmark residential price has grown to $823,1000, the result of a yearly 10.9 per cent increase, prices steadily growing since 2013. Growing GDP, employment rates and population all factor into a continued rise, and technology, entrepreneurship, tourism, ocean and marine sectors, health care, government and post-secondary institutions all contribute to the local economy’s strength, according to the report.

RELATED: Greater Victoria real estate still strong despite summer dip

Downtown densification will level out average home prices.

B.C.’s market is in recovery, despite the perception of an ongoing boom, according to REIN. While there has been a steady growth in the province over the last few years, REIN says they expect this trend to change in 2018. There is expected to be a three-per-cent growth in GDP for 2017, but 1.8 per cent growth for next year.

lauren.boothby@vicnews.com

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