Victoria is the capital city of British Columbia, located on the west coast on the southern-most tip of Vancouver Island. The city is most known for its flowers, hence its nickname The Garden City and has an annual flower count dating back to the 1970s.
Overlooking the Inner Harbour, Parliament Buildings are scattered throughout downtown Victoria. The city is always bustling with tourist activity, but still retains a laid-back pace of life in comparison to bigger cities like Vancouver. There’s an abundance of neighbourhoods to choose from, ranging from quiet waterfront victorian houses and luxury condos, to picturesque streets lined with art galleries, to the more eclectic neighbourhoods in the downtown core.
After falling sharply at the height of the pandemic in early 2020, housing activity in Victoria bounced back quickly, rising 38.7% in July compared to a year earlier. Home prices also showed strength, with the MLS Home Price Index showing a 5.7% year-over-year increase to $861,100 for single-family homes.
Home prices in Victoria have risen steadily in recent years, but the peak was reached in June 2018 at $872,300 before retreating for the remainder of that year. Prices are once again moving upwards, reflecting strength in both the local market as well as the Canadian housing market in general.
Data source: Mortgage Sandbox