Victoria Housing Market Review

Victoria is the capital of British Columbia and is a community of choice for many individuals. One of the many reasons is the economic opportunities the city provides. Consequently, its housing market has experienced a notable increase in demand, although overall sales performance has declined due to rising home prices.

In a recent report by the Victoria Real Estate Board, dated February 1, 2018, 431 properties were sold in the city, which is 9.8% lower than the 478 units sold in the same month last year. Condominium sales also went down by 30.6% while single-family home sales fell by 4%.

In 2016, a municipal census showed that 18,045 homes were owned by residents and 27,720 units are rented. Meanwhile, 12,860 of the city’s residents preferred to live in condominiums. Around 14% (6,545 units) of Victorians live in single-detached houses; less than 18% (8,195 units) reside in high-rise apartments; 2.5% (1,140 units) are in semi-detached houses; 2,260 (4.9%) in row houses; and, 50% (23,035) live in buildings less than five stories high.