The construction of mega homes in Victoria, Canada, according to University of Victoria’s chairman of economics, David Scoones, can get skilled workers and other professionals to the area. Greater Victoria’s mega homes, as well as the individuals who own them are contributing to the local market.
Scoones also pointed out that real estate companies put up golf courses, shopping destinations, restaurants, and mega homes as benefits from wealthy populace.
Luxurious real estate properties like mega homes can help the economy, especially if there is a high demand for renovations and constructions.
Real estate deals in Victoria’s residential real estate market slowed recently, which is affecting both meduim- priced and high-priced properties, according to real estate agents.
Real estate agents also noticed that most buyers are now looking for modern- type properties and construction than character estates and mega homes. Victoria’s reputation as a peaceful place to unwind and get away is recognized across the country.
Randi Masters, president of Victoria Real Estate Board said most of the home consumers are locals, and most of the buyers are from other areas in the country, and Canada’s own population are the biggest demand for properties in the area.
High- end properties such as mega homes with luxurious amenities are big business in Great Victoria but because of the global economic recession— things slowed down in the area especially in the residential real estate market.
Home buyers, wherever they are from, because of the decline, put home buying on hold. According to the realtor, if they see worth $5 million+ mega homes— selling, then confidence in the market is back.