“During 2017, Greater Victoria's purpose built rental market experienced strong, positive market conditions. The market witnessed heightened investor appetite from a range of local, regional and national buyers as well as low vacancy, increasing rents and tightening cap rates - underpinned by strong market fundamentals and continued population growth. The strength of this market is driving significant development activity.
- Vacancy remains low as the demand continues to absorb available supply.
- Rapidly increasing rental rates are challenging potential tenants as the supply for low-priced housing continues to be very limited and competitive.
- Turnover rates for rental units are at historical lows as limited choices are available on the market.
- The total volume of deals within Greater Victoria was $146 million - an almost 15% increase on the $127 million recorded in 2016 (for deals greater than $1 million).
- Majority of sales were off-market transactions due to the premium prices that are being offered by investors
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