Victoria
Victoria is the capital of Brit’s Columbia. It is located on the craggy end of Vancouver Island. It has an abundance of parks. You can enjoy the weekend with your family in these parks after a hectic week. The British colonial past of the city shows the architectural history of the city.
Victoria offers a positive & amazing working place, a wide variety of job opportunities and great accessibility. The houses here are also very affordable. You need not to live in rental houses in the city. You can buy your own house.
Add in affordable houses, mild winters & summers, beautiful surroundings of the natural environment & a high quality of life & it are no surprise that people from the whole world prefer to call Victoria their home.
Affordable Housing Prices in Victoria
Victoria has gained the more specific definition of the affordable housing in 2018 which is:
Housing/Real Estate Properties where rates do not increase 30 percent of gross annual household income to the moderate income households.
Slight high housing rates in Victoria, makes easy access to housing affordability a big challenge for the families of different income levels. Vacancy rates of Victoria have hovered to almost one percent in recent years which is far less than healthy rates. Own your own house or cost to rent continue to rise in the city out parching the monthly income. The current Point-in-Time count of 2020, it can be estimated that there are approximately 1500 individuals who are feeling homeless in the capital city of Canada.
Real Estate Market Outlook of Victoria
Recent Victoria real estate statistics indicate that the average housing price in the city is $ 1,221,990. There are almost 40 new active listings in the city in the last 56 days. As of today, Victoria has a median 31 days on the real estate market to sell a housing property. The average sold price is $1.2M. We can predict the real estate market of 2023 by analyzing the real estate data of this year.
The most common housing properties in Victoria are detached houses, condominiums and townhouses. These houses are available with different numbers of bedrooms and bathrooms. The average housing price of detached houses was $2.1M three months ago. This year this price has decreased to $1.8M. This shows a decrease of almost 17 percent in the real estate price of townhouses.
Similarly, townhouses were available at the average cost of $1.2 M and this year this cost has increased to $1.3 M. This is still not much of a rise. The cheapest houses in this city are condominiums. You can enjoy the quality of life in a condominium even with a low income. Their price is in thousands only. Their price was $734K three months ago. While recently these are available at only $673K. From the stats we can predict that the price of second homes will not increase much in the coming years, but the way the dollar is going, even if the prices go high, you will still be able to buy a good house at affordable prices.
