If you’re priced out of the metro Vancouver housing market and looking to the Victoria area for a new home or an investment, be prepared to wait.
A spike in purchases over the last year has made it hard for developers to keep up, according to Mike Nugent, head of the Victoria Real Estate Board.
“The new housing projects, whether they be on the Westshore or Sidney or even downtown condos, they had inventory and it basically all sold out of available inventory and now they are quoting people 12 or 18 months from when its built.”
Nugent says this delay means homes in central Victoria, which are most popular with buyers from metro Vancouver, are being delayed going on the market as those sellers wait to move into a new home
“It came on so quickly and so strong it’s been hard for the development community to keep up… My understanding is that all of [the developers] have virtually nothing to deliver today. They’ve got more product they are trying to bring on but it’s all been bought up. Our inventory is really, really low.”