WATCH: B.C.’s Finance Minister introduced new regulations for the real estate market today, but he admits the new rules aren’t designed to impact housing affordability. April Lawrence reports.
Sold signs are popping up across Vancouver Island, often just days after the ‘for sale’ signs are installed.
And homes aren’t just selling fast, many are selling with little to no conditions and well above asking price.
For example a two bedroom, one bath, 1160 square foot home on Beach Drive in Oak Bay was listed at $999,000 and just sold for $260,000 over the asking price.
While the market is hot, it pales in comparison to Vancouver, which happens to be where many of Victoria’s buyers are coming from.
“They’re really seeing the opportunity and the value here in Victoria,” said realtor Ingrid Jarisz.
“The bulk are actually families wanting to raise their children with our great school system and pace of lifestyle over here, it’s a great package,” she said.
Today B.C.’s Finance Minister took steps to try to address some of the biggest issues in Vancouver’s pricey market.
Mike de Jong introduced regulations to end the practice known as ‘shadow flipping’.
“Hopefully address in part some of the concerns we’ve heard about conduct on part of some realtors,” he said.
The other is a new requirement for buyers to declare their citizenship.
“This is an exercise in collecting data so if there are to be subsequent decisions made, they can be made on the basis of sound data and not theories,” said de Jong.
De Jong admits the new regulations, which come into effect May 16, aren’t designed to address the province’s affordability crisis.
He said the answer to that is to increase the supply of housing.
But Opposition Leader John Horgan argued there is a bigger problem that isn’t being addressed.
“The real challenge is dealing with the speculation, the real challenge is trying to shut down people coming to Vancouver not to live, and put down roots, but to just make money,” said Horgan.
Whether it’s Vancouver, or Greater Victoria, most agree, that for now the price of family homes will only continue to climb.
“I think it will take a while to slow this train a little,” said Jarisz.