The City of Victoria has a population of around 83,000, while the Greater Victoria area, made up of 13 municipalities including Malahat, Saanich and Sooke (among others), has an estimated population of 360,000 (www.victoria.ca) which is attractive to many individuals moving to Victoria.
Vancouver’s presale real estate market for apartments and townhouses, where units in most projects are flying off the shelves and non-resident buyers are still turning up. Vancouver presale market strong, attracting interest of foreign buyers even in the wake of the new property tax for foreign buyers. (reported by The Globe and Mail).
Affordable homes and lifestyle
With rising home prices in other areas, many millennials are relocating to the Victoria area in order to enjoy a high quality of life, and still be able to afford to buy a home.
“Tectoria”, as it has been called recently in the media, is the new hot spot for advanced technology companies and is quickly gaining ground on Vancouver, Seattle and even San Francisco as a “silicon valley of the north”. With three respected post-secondary institutions – University of Victoria, Camosun College and Royal Roads University, eight federal research labs and Canada’s Pacific Navy base, Victoria has many elements required for a strong technology industry.
There are over 880 tech companies employing an estimated 23,000 people in Greater Victoria, with revenue estimates ranging from $3.15 to $4 billion annually. This makes it Victoria’s largest revenue producing private industry.
But besides technology, what makes Victoria a sought after place to call home?
Millennials moving to Victoria
It could be the many nightclubs, theaters, restaurants and pubs, museums and many other cultural events that take place every year. In the downtown area, there’s always something to see or do and according to www.victoria.ca, there are more than 3 million visitors to the area each year, ensuring the tourism industry remains busy and active.
Victoria sporting events and activities
Sporting activities are abundant. Whether it’s curling, soccer, hockey, or motor sports (or anything in between), there’s something for everyone. Victoria hosted the 1994 Commonwealth Games and the 2005 Ford World Men’s Curling Championship as well as many other events, large or small, over the years. The climate is perfect for many outdoor activities, some of which can be done year round.
Victoria accessibility and transportation
Transportation makes this city attractive. The Victoria Regional Transit System (BC Transit) is a great way to get around the area, with regularly scheduled service to or from where ever you need to go. For those wanting to travel further afield, there are also the Victoria International Airport, BC Ferries, and the Washington State Ferry system. Travel to a lot of major cities can be accomplished with relative ease and minimal frustrations.
If you’re considering relocation to this wonderful city, call one of our educated real estate agents at RE/MAX Camosun today at (250) 744-3301. They’re here and ready to help you settle into your new home!
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