100% of $1m Victoria Apartments Sold Off-Market in Q2

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In the second quarter of 2016, all of the apartment buildings with a value of $1 million CAD or more sold “off market,” according to Colliers International, as reported by SCMP.

“Off market” sales are when buyers approach property owners with cash offers, even though the owners aren’t selling at the moment.

Prices have shot up in Victoria. Apartments have gone from $152,000 to $186,000 (for the average apartment building) in the last year, and reports are that the most recent sales are much higher still.

It is thought that prices in areas around Vancouver are being driven up due to overflow of the same┬áreasons Vancouver homes have been driven into “crisis” levels: mass immigration, particularly from China, as well as safe, relatively easy investment and money laundering opportunities.