The impact of Coronavirus on Metro Victoria will likely be very significant.
Buyer interest was high in the first three months of 2020, but the market will slow down now that open houses have been suspended.
CMHC identified the Metro Victoria property market as a high-risk market before the Coronavirus became an issue.
The Coronavirus may have an outsized’ impact on property prices on Vancouver Island. Over 20 percent of Metro Victoria residents are over the age of 65. The ratio climbs to over 40 percent of residents in Sidney.
Short-term rentals in Victoria (now vacant due to Coronavirus) may be converted to long-term apartment rentals or sold, and this could add unexpected supply to the market.
