The 2 million dollar plus homes are not selling well now in Vancouver so who are all these Vancouverites that are supposedly down scaling to Victoria and buying?  Few Vancouverites can move here if they can't find jobs to transfer to so it's got to be foreignors that are driving up the prices.  There is hardly anything for a retiree to buy here apart from condo apartments.  Estate sale properties in original condition sell for 1200K and then it takes another 700-800 K to build new.    The inventory here is scant and terrible quality.  Time to bring in the foreign real estate tax now so builders can provide buyers with new detached homes !!!  Victoria needs a complete overhall in building.