A report finds Victoria the second hottest market for luxury properties like this Sea View Road in Saanich. It sold for $6.1 million in 2011.

A report finds Victoria the second hottest market for luxury properties like this Sea View Road in Saanich. It sold for $6.1 million in 2011.

New report ranks Victoria second-hottest luxury market

A new report identifies Victoria as the second-hottest luxury real estate market in 2016.

A new report identifies Victoria as the second-hottest luxury real estate market in 2016.

Christie’s International Real Estate ranked Victoria just behind Toronto in terms of being the fastest growing luxury real estate market in the world. According to the report, Victoria “witnessed its best year ever for luxury home sales” in 2016.

So what accounts for the outcome? The reason for Victoria’s booming luxury market lies across the Salish Sea. “The provincial capital saw a significant uptick from affluent international buyers who were deterred by nearby Vancouver’s new 15 per cent tax on overseas purchases and opted for Victoria instead,” it said.

While the definition of a luxury homes varies according to region, the average starting price of a luxury home is $2.1 million, down slightly from last year’s $2.2 million, according to Christie’s.

More updates to follow…

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