Luxury Real Estate Market

Victoria, B.C. is the World’s Hottest Luxury Real Estate Market

Victoria, B.C. landed one of the top spots of hottest luxury real estate market on Christie’s global list.

Real estate arm of famed auction company said that strong year-over-year growth of home sales and high demand for housing catapulted Vancouver Island community to lead list of cities around the world on annual list.

Trailing Victoria on list of the previous year are Calif., Orange County and San Diego followed by Paris and Washington D.C.

According to Christie, Victoria housing market earned high ranking because there has been observed that an influx of home buyers from China and United States and home sales rates that rival frenzied and neighbouring housing markets of Vancouver and Toronto.

It also says that average time that it took to sell out luxury property in Victoria, B.C in last year was just 32 days, this count was down from 41 days in year 2016, which makes Victoria, B.C one of the fastest paced real estate markets in the world.

Toronto has been listed by Christie in the 9th spot on the list of luxurious global cities for Muskoka, Ont. and prime property and in the 2nd position for its rankings of hottest secondary housing markets.