Property Transfers: Estate Board and Victoria

property transfers: But prices are expected to continue rising amid a market of too few available homes, according to The Chronicle Herald. Expectations that foreign buyers would flock to Victoria to avoid the 15-per-cent Metro Vancouver home tax has not happened, instead purchasers are arriving from other areas of the country, outgoing Victoria real estate board chief Mike Nugent said Monday. The Victoria Real Estate Board says a repeat of last year's record-smashing property sales that saw constant bidding wars on southern Vancouver Island is not in the forecast for 2017. There's certainly no evidence so far of showing a big shift of foreign buyers to Victoria, he said. In the latest numbers, Nov. 1 to Nov. 30, there were 39 property transfers involving foreign buyers. As soon as it was implemented everybody phoned and said, 'what are the numbers like You must be getting an avalanche.' Government data shows there were 90 deals involving foreign buyers in Victoria between June 10 and Aug. 1, before the tax was implemented. (www.immigrantscanada.com). As reported in the news.