Victoria Real Estate

Listings last updated 03/03/2021
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Real estate roundup: Victoria, BC housing market overview

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Victoria, Vancouver Island’s largest city, is the capital of British Columbia and is the most southern west major city in Canada.

Also known as “The Garden City”, Victoria has a population of around 80,000, while the greater Victoria area has a population of 344,600.

Victoria is located on the southern tip of Vancouver Island, which is home to some of the most picturesque scenery in the whole of Canada.

Voted as one of the top 20 places to live in the world in terms of quality of life, Victoria is a very attractive place and has a great mix of urban living and endless wilderness just a stone’s throw away from the city.

The technology sector is thriving in Victoria, and the city has one of the strongest economies in B.C.

Both small and large businesses are seeing huge growth, and sectors such as tourism, marine, government, agriculture, and retail all contribute to a stable economy.

Victoria has a summer Mediterranean climate and enjoys very mild winters, warm summers, and little rainfall compared to other areas on the province’s west coast.

Winters are generally mild and rainy, and average around 0°C, while summertime sees a lot of sunshine and temperatures hit the low to mid-20s.

Its temperate climate has given it its name - “The Garden City” – as flowers are known to bloom early and long, and many rare plant species can be found here.


Victoria, British Columbia

Victoria, British Columbia
  • Country: Canada

  • Province: British Columbia

  • Nickname(s): "The Garden City"

  • Population: 80,032

  • Area:

    City: 19.47 km2 

    Metro: 696.15 km2


Lifestyle and Culture

British settlements came to Victoria in 1843, and the city was name after Queen Victoria of the UK. Because of this, the city has a number of historic buildings, the Legislative buildings and the Empress hotel being the most well-known. The Coast Salish First Nations people inhabited the area thousands of years before non-native settlements, so Victoria, along with the whole of Vancouver Island, still has a very strong First Nations presence.


Entertainment and Tourism

Victoria has a casual yet cosmopolitan atmosphere with a friendly vibe, stunning scenery, and a desirable lifestyle. Victoria has a great history, and nowadays you’ll find both young and older residents in the area. It’s the perfect location for those who seek the city life with easy access to the wilderness. The city also has a large student population, and the area has a mix of ethnicities, primarily European Canadian, Aboriginal, Chinese, and South Asian. Victoria hosts a number of events, such as the annual Rifflandia Music Festival and Symphony Splash, and has a number of theatres including The Bastion Theatre, The Belfry Theatre, and The Phoenix Theatre. Victoria is also famous for its rich motorsports history, and for the Victoria Royals ice hockey team, and HarbourCats baseball team.

Entertainment and Tourism


Victoria boasts a number of distinctive and charming neighbourhoods, many of which offer heritage homes and an easy-going lifestyle. Some of Victoria’s most popular areas include:


As one of Victoria’s biggest neighbourhoods, Fairfield is bounded by Downtown, James Bay, Harris Green, Rockland, Fernwood, and Gonzales. It’s Victoria’s southern-most neighbourhood and is the largest in terms of population. Fairfield is a residential community with a mix of single-detached homes, low-rise apartments, and beautiful tree-lined streets. The neighbourhood has many park spaces as well as churches, a number of schools, and a hospital.



Close to Victoria’s Downtown, Fernwood is a warm and inviting neighbourhood with 3 schools, community gatherings and celebrations, and a number of extra-curricular activities for kids. Many of the homes date back to the 1890s, which gives the area its character and charm.


The hub of Victoria, Downtown is a bustling area with waterfront paths, entertainment, restaurants, heritage buildings, and beautiful views. Housing in Downtown is primarily made up of high-rise condos, heritage converted lofts and suites, and flats above storefronts. Downtown is mostly inhabited by young professionals and smaller families, and it’s perfect for those without a vehicle as the area is walkable and served by transit links.

James Bay

One of the oldest residential neighbourhoods, James Bay is situated close to Downtown on the south side of the Harbour and is a vibrant and diverse neighbourhood. Victoria’s key attractions can be found within the James Bay area, and the neighbourhood has a number of heritage homes, multi-family units, and apartments. The waterfront walkways, horse drawn carriages, and unique architecture make James Bay a lovely place to live, for both young families and retirees.

Victoria West

Also known as Vic West, this neighbourhood is undergoing significant change and now features new condos, waterfront walkways, and development. Here you’ll find many older heritage homes, as well as amenities such as churches, and a community centre. Vic West also has the highest ratio of parklands to city. This neighbourhood is seeing a lot of development, so it’s one to look out for.

Real Estate Market

Victoria’s real estate market is very hot, and the housing prices are expected to keep rising throughout the next year.

The market conditions favour sellers, and the average price for a single-family home hit $763,500 in June 2016.

This is largely driven by a strong economy and a rising population, as more people wish to experience Victoria’s desirable lifestyle. Single-family homes make up a large proportion of the market, but Greater Victoria also has a number of high-end luxury properties.

Victoria is experiencing low interest rates too which does also favour buyers.

  • Average Home Price: $668,900
  • Average Rent Price: $1,125.39 
  • Average Condo Price: $339,100
  • Average Detached Home Price: $735,700
Home Style Average Price
2 storey $736,856
Bungalow $500,279
Condo $339,100

The following table, based on data taken from the Canadian Real Estate Association (CREA’s) National MLS® Report for April 2016 (the latest information available), demonstrates how homes in LSTAR’s jurisdiction continue to maintain their affordability compared to other major Ontario and Canadian centers.



Victoria has a number of primary and elementary schools, many of which offer French immersion programmes as well as programmes in English. Victoria High School, which is one of the oldest High Schools in North America, is the only school within the city’s boundaries, while the others are located outside of the city centre. Victoria also has three post-secondary institutions: The University of Victoria, Camosun College, and Royal Roads University.


Economic overview

Victoria has a thriving tourism industry, due to its beautiful setting surrounded by mountains, ocean, and wildlife. Approximately 3.5 million tourists visit Victoria each year, which adds around a billion dollars to the economy. The city has a range of top-class restaurants, quaint cafes, museums, parks, shops, renowned golf-courses, ski hills, and oceanic activities such as kayaking, scuba diving, and whale watching. Butchart Gardens and Victoria Bug Zoo are popular tourist spots, and there are endless opportunities for hikes, walks, and scenic drives.

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