Victoria real estate prices for years have been driven by internal Canadian wealth coming from residents of Alberta and other provinces. There is a significant ex pat Alberta community here. In addition, there is a significant group of former BC residents who moved to Alberta, made their monies, and invested back into Victoria Real Estate.

In terms of foreigners, the major driver were the Americans. There is a lot of hidden wealth in Victoria from very wealthy Americans. Next were the Europeans like the Germans and Dutch.

It is only very recently that Asians have started to look at Victoria. These are Asians from Hong Kong, Taiwan, and a small group from China. There are a significant growing wealthy community of Latin Americans that have looked at Victoria for years.

If you go downtown Victoria and walk by the McDonald's near the Bay Center, there are hordes of Latino youngsters in town studying English. These kids are very well dressed and their parents have started to buy here.