The Best Mortgage Rates in Victoria, BC

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About Victoria

The City of Gardens

Fun facts:

  • The capital city of British Columbia, Victoria was originally established as Fort Victoria in 1843 by the Hudson's Bay Fur Trading Company, and became a city in 1862.
  • Is 695.35 km in size and home to a population of 82,653 residents.
  • Has the mildest climate in Canada with temperate summers and winters. The region receives only 25 cm of snow annually.
  • Is rated one of the best cold-water diving destinations in the world, and home to over 80 Orca whales.
  • Main industries include IT, government and tourism.

5 Things You Need To Know About Buying In Victoria

1. The average home price in Victoria is competitively lower at $488,800 in 2014 and a projected $492,000 in 2015, compared to an average of $804,082 in Vancouver.

2. Sustained projected low mortgage rates and steady job growth will continue to support housing demand in the area over the next two years.

3. The number of new multiple-unit housing developments will increase in 2015, targeted at the first time buyer segment.

4. The western communities of Victoria account for more than half of new construction in the region (neighbourhoods such as Langford and Sooke).

5. Single detached home construction is expected to increase over 2015.

Frequently Asked Question: Is Victoria a good place for first time home buyers to enter the market?

Victoria is known for being one of the most idyllic locations in Canada, and a particularly popular place for retirees. However, slow-but-steady employment improvement and growing focus on providing affordable housing for first time home buyers has set the stage for an increase in migration. Not to mention the region also boasts some of the nicest weather (and mildest winters) in the country!

Victoria Housing Statistics

While one of the more reasonably priced regions in British Columbia, housing demand in Victoria is poised for a boom period; an estimated 1,700 households are expected to be added annually to the population over the next five years. Demand will be fueled by an improving economic situation in Victoria - investment in areas such as transportation infrastructure, retail development and renovations are all increasing, while the tourism sector is benefitting from the weaker Canadian dollar. The market is considered to be balanced, and well on its way to recovery from the 2008 financial crisis.

Property Prices: High Quality of Life Index: High
Cost of Living: High Traffic Index: High

Buying Property in Victoria – Important Links

Planning to make Victoria, BC your home? Check out these resources and links to get started in the area.

Check out housing market statistics and find a real estate pro to work with with the Realtors of Greater Victoria.

See the cost of entertainment, dining, transit and more will cost in victoria with the Cost of Living Index.

Learn more about public transit on the island from the Victoria Regional Transit System website.

Check out the Greater Victoria School District for information on finding a school in Victoria.

Immigrating to Canada and settling in Victoria? Check out these resources from the Victoria Canadian Immigration Consultancy.