The province is coming off tremendous economic growth fueled largely by demand for real estate. The provincial economy charted at an average of 3.2 per cent between 2014 and 2017. The booming real estate market benefited everything from the construction industry to the banks. Both Ottawa and Victoria have introduced measures, such as a mortgage stress test and a foreign buyer tax, respectively, to cool the market, and they are taking effect. The Victoria Real Estate Board published January statistics of 329 properties sold, which is down 23.7 per cent from last year. In February, a total of 421 properties sold, which is 22.8 per cent fewer than the 545 properties sold in February 2018. Between January and February, there was a 28 per cent increase in sales, which is to be expected as we approach the spring market.
Source: https://www.vreb.org/current-statistics
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