Good jobs for workers, good times for students and retirees drive housing demand
Technology trumps tourism in Victoria, where the suburbs are outperforming a city core languishing from a lack of workers in an aging, government-heavy downtown
The number of participants is also growing, both as entrepreneurs locate in the city and grow their businesses, drawing employees, and remote workers arrive drawn by the city’s lifestyle. Yet all those remote workers, combined with being a university town and an attractive destination for retirees from across Canada has made Victoria an active market for residential real estate.
The cost of land, cost of debt, construction costs are issues that have not gone away. But entitled sites are attractive because of the “endless demand for rental.” Reliance Properties Ltd., for its part, is pursuing the rezoning of 6.7 acres of harbourfront in the north end of downtown for a mixed-use community featuring light industrial, institutional and residential space.
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