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Helena Looby

I was wondering if the purchase market was going to keep up with the furnished rental market.
Last fall the demand landscape for furnished corporate rentals changed significantly with 3 major government contracts going to local and outsourced corporations. These companies brought in over the last year scores of executives and their families to be housed in furnished upscale accommodations. Private condos in the Humboldt valley, downtown Victoria and James Bay were instantly filled with not the typical 3 month short term stay but one year and some two year!
This is unprecedented for Victoria so as of April this year high demand continues and now exceeds supply.
Rental rates are up by 25% on average and still climbing as more people flock to Victoria for work, play or relocating permanently. This boom in demand for furnished housing continues to push prices upward.
I wonder if the investment market might now see fit to buy units to convert to corporate stays. I was also curious if this wave would spill over in the sales of real estate as well.

I work as a broker in the furnished rental business and now instead of chasing leads to fill vacancies I am chasing vacancies to fill demand. I have a wait list of people wanting to get into furnished housing.

Life is good.


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