The province of British Columbia’s capital city, Victoria in particular is a hot commodity among an ever-increasing population of savvy investors who find themselves liberated from office life and able to work from wherever their heart desires.
Located on the southern tip of Vancouver Island and surrounded by an eclectic amalgamation of urban and semi-rural municipalities, Victoria is emerging as an elite global destination that is an accessible, vibrant, and affordable alternative to its mainland big brother, Vancouver.
A HIGH STANDARD OF LIVING
At about one-tenth the population, this island capital is consistently ranked as a top Canadian city with many municipalities rated as top places to live. Clean ocean air, less traffic, a year-round temperate climate with more sun, a wealth of waterfront and water view property, lower cost of living, and top-rated international airport and ferry services truly make Victoria the Hawaii of the North.
A stable economy, buoyed by a burgeoning tech industry comprised of over 900 local businesses, 10,500 tech workers, and annual revenues in excess of $4 billion has just earned the city seventh place among Canadian cities in a national study from esteemed real estate company CBRE.
These favourable conditions have seen a number of record-breaking residential property sales occur of late. A host of these, including the Saanich Peninsula’s highest residential and land sales, the Central Saanich’s district’s highest residential sale, and most notably the sale of the award-winning Swanwick Ranch, Vancouver Island’s highest ever recorded residential sale, can be attributed to Logan Wilson’s Victoria Luxury Group of Sotheby’s International Realty Canada.
AN EXCLUSIVE COMMUNITY
“Driven by strong demand and low inventory we have had the pleasure of setting a multitude of record sales, including most recently the highest ever residential sale in Vancouver Island’s MLS history. This situation however is no more pronounced here than anywhere else in Canada. In fact, this is something we are seeing across North America.”
Fortunately, according to Mr. Wilson, luxurious private estates abound in the region, with relative affordability rising dramatically as one travels north up Vancouver Island, or off the eastern coast throughout the famous Gulf Islands.
“We are marketing a number of expansive ultra-luxury estates on and around Vancouver Island, from Victoria and the Gulf Islands in the south all the way up to the famous surf town of Tofino in the north. There is only so much land available, and the surrounding waters offer some of the finest boating in the world. What’s more, a multitude of charming seaside communities outside Victoria offer plenty of space and privacy, equally incredible views, and access to the coast at a fraction of the cost of even affordable Victoria. Considering their size, amenities, and proximity to the ocean, these properties are absolutely world-class. Comparably spectacular properties, in far more congested destinations such as Sydney, Hong Kong, or Vancouver sell for fifty to one-hundred percent more at the very least.”
For those with an eye to the future, an investment in Vancouver Island is no doubt a safe bet with room to see significant appreciation in the coming years. EG