Victoria’s luxury property market is not only on par with some of the largest cities in the world – we actually surpass them.
According to an annual report from Christie’s International Real Estate, our city has the hottest luxury property market in the world based on an index that takes into account a market’s billionaire population, cost of living, luxury hotel density, and global cities rankings.
The report studied statistics from over 80 real estate brokerages around the world to come up with what’s called their Luxury Thermometer for 2017.
Their latest report revealed that Victoria’s hot market was propelled by buyers from the United States and China, leading the city to pull ahead of Canada’s other two most heated luxury property markets: Toronto and Vancouver.
Fun fact – did you know that it only takes an average of 32 days to sell a high priced luxury property in Victoria?
“Like Vancouver, the Victoria market has reached a point where additional government cooling measures appear imminent this year—taxing foreign buyers, limiting speculative buyers, and adding transparency rules could lead to a cooling in 2018,” reads the report.
But they predict that these measures may not work, based on market performance in Toronto and Vancouver in previous years.