Can You Predict the Future of Vancouver Island Real Estate?
What does the future hold for Vancouver Island Real Estate?
Is it possible to predict the direction of Vancouver Island real estate trends? We have no crystal ball, but considerations like market values, replacement costs, population growth, both actual and projected, give us a pretty good idea. Here are some of the factors that contribute to our Island home values:
Those Pesky Baby Boomers
The last of the post war baby boomers are now into retirement, and their offspring, including the millenniums, are now the driving force in housing. Vancouver Island is and always will be a paradise for the lovers of nature and the great outdoors. As a result, this area continues to attract new residents from overcrowded and overpriced major centers. They’re simply are not desirable, economically, environmentally and climatically for a growing percentage of Canadians.
Our West Coast Melting Pot
The Island has been discovered and that message is being shared with friends and relatives who, including in my own family are following their Island relations and friends in relocating. Yes, immigration is a driving factor in population shifts. But now even more in major centers where supply and demand is putting more pressure on immigrant housing. Vancouver Island real estate offers the opportunity to transition into a slower life style that offers superior climate advantages.
So How Does All This Impact Property Values?
Values will remain stable and grow in an orderly manner providing there is no artificial government restriction on making land available for residential use, as well as limits on restrictive taxation. Vancouver Island has less than 3% of the land area developed. This equates to one person for every 62 sq. miles. With almost 50% of the population in the greater Victoria region there is no shortage of space.
Strip-type growth along the Island transportation corridor and government regulations restricting access to inland expansion of many communities creates supply and demand pressures - influencing values. This is not likely to change until there is a secondary transportation corridor or corridors opening up providing routes to those barely accessible areas.
The future of the world’s 43rd largest island and the largest Pacific island anywhere east of New Zealand is positive for investment. Canadians have discovered this beautiful, pristine and moderate climate oasis and there is no turning back.
Don't hesitate to contact Parksville real estate agents Denise or Wayne Dumbrell for more information about the Vancouver Island Market.