Victoria
Victoria is the capital of British’s Columbia. It is often recognized as one of the most charming cities present in Canada. It has a good temperature climate with mild warm winters and also sunny summers. Because of the wonderful climate people love to settle in Victoria.
Victoria is on the list of top 5 most affordable big cities of British Columbia. Cities of over 100,000 individuals are considered in this ranking and the other three factors are also considered when coming up with this score; economic strength, housing, potential for growth and affordability.
Market Condition of Victoria
The real estate market of Victoria is proposed to continue as a market of sellers in the current year because of high demand and low inventory. But the economic impact of coronavirus may push many of the buyers out of the market. This condition is just like that of the market of sellers and is predicted to continue in 2021.
The average housing sales price in the city is raised by 11 percent to almost $778,854 in 2020 as compared to $ 702,310 in 2019. The real estate price of Victoria City has increased up to 5 percent in average price to almost $ 817, 796.70.
First time house buyers in the city are young couples looking for condominiums. These are available at reasonable prices that will help them to get established in the city. These properties range in $100K to $300K. First time families want to purchase a house as a single-family home. Many other homes are also available at acceptable prices.
Is the housing market of Victoria affordable?
The house prices in Victoria have increased significantly during this pandemic, which has forced much more potential buyers out of the real estate market. The prices of condominiums are also rising too but these values are not competing with these values.
The bench time housing price in the city is always very high. The intervention of the government in the real estate market has successfully protected the housing market from recession induced by pandemic.
This increase in prices has triggered the intervention of the government. So, the bank has proposed an increase of 0.5 percent in the mortgage rates. This change has its effect on the real estate market. And again, the prices have become very affordable in the city.
Houses range in $100k to $300k for sale in Victoria
If you want to settle in Victoria City permanently, you don’t have to live in a rented house. You can buy your own house within the range $100K to $300K. These houses are available with all the basic facilities and there is no need to buy new things. You can put that money into establishing your own business in the city.
There are many houses to purchase. You can purchase one bed and one bath single family apartment at 1105 Pandora Ave N302, Victoria, BC. The cost of this house is just $300k. The covering area of the apartment is 412 sq ft.
