The Future of Vancouver Island Real Estate
What does the future hold for Vancouver Island Real Estate?
Is it possible to predict the direction of Vancouver Island real estate trends? We have no crystal ball, but considerations like market values, replacement costs, population growth, both actual and projected, give us a pretty good idea. We have all noticed the vast increase in Real Estate activity in the last number of years Here are some of the factors that contribute to our Island home values:
Those Pesky Baby Boomers
The last of the post war baby boomers are now into retirement, and their offspring, including the millenniums, are now the driving force in housing. Vancouver Island is and always will be a paradise for the lovers of nature and the great outdoors. As a result, this area continues to attract new residents from overcrowded and overpriced major centers. They’re simply are not desirable, economically, environmentally and climatically for a growing percentage of Canadians. Covid has shown that getting out of the major centers leads to a better and healthier lifestyle.
Our West Coast Melting Pot
The Island has been discovered and that message is being shared with friends and relatives who, including in my own family are following their Island relations and friends in relocating. Yes, immigration is a driving factor in population shifts. But now even more in major centers where supply and demand is putting more pressure on immigrant housing. Vancouver Island real estate offers the opportunity to transition into a wonderful safe life style that offers superior climate advantages.
So How Does All This Impact Property Values?
Values are heavily effected by supply and demand principals and providing there is no artificial government restriction on making land available for residential use, as well as limits on restrictive taxation the market will always find it's own value levels. Vancouver Island has less than 3% of the land area developed. This equates to one person for every 62 sq. miles. With almost 50% of the population in the greater Victoria region there is no shortage of space as long as it is avaliable for use..
Strip-type growth along the Island transportation corridor and government regulations restricting access to inland expansion of many communities creates supply and demand pressures - influencing values. This is not likely to change until there is a secondary transportation corridor or corridors opening up providing routes to those barely accessible areas.
The future of the world’s 43rd largest island and the largest Pacific island anywhere east of New Zealand is positive for investment. Canadians have discovered this beautiful, pristine and moderate climate oasis and there is no turning back.
Don't hesitate to contact your Central Vancouver Island Real Estate Agents Denise or Wayne Dumbrell for more information about the Vancouver Island Market. call 250-248-9996 or email firstname.lastname@example.org or email@example.com
We are two generations of Family realtors and a third joining us soon!
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Yes our family is the fifth Generation of Island residents