WATCH: Overseas buyers, who some blame for skyrocketing prices in Metro Vancouver, are also setting their sights on Vancouver Island. Kylie Stanton explains why.
Offshore investment is often considered the reason for sky-high real estate prices in Metro Vancouver. While the Lower Mainland real estate market continues to sizzle, overseas buyers may be setting their sights on Vancouver Island.
Home prices are up 3.5 per cent in Greater Victoria, and some in the real estate industry say a growing number of buyers from China are lining up to get into the market.
Foreign investors may see the island as a relative bargain compared to prices in Vancouver.
For instance, a large West Vancouver home is currently listed at $6.5 million. A home in Sidney–similar in size and features, and just as far from Vancouver’s downtown core–is selling for $3.7 million.
Getting more bang for your buck is not the only selling point. Some note that the island may provide more peace and security.
One real estate agent says recent gang violence in the Lower Mainland may have some overseas investors looking to the island.
“They said no matter how much money you have, without security and safety that doesn’t mean anything,” said Realtor Lucy Richardson. “The gang violence on the mainland really scares them.”
-with files from Kylie Stanton