Average Victoria home prices “quiet and stable” but still over $1 million
Victoria’s housing market remains “quiet and stable,” according to real estate company Royal LePage, but home prices are still well beyond reach for the average Victoria worker.
The price of a home in Greater Victoria has decreased by 0.5% year over year, settling at $1.4 million this summer. Single-family detached homes saw a slight 0.1% decline, now priced at $1.2 million, while condominiums fell by 0.9%, with the median price hitting $524,400.
Royal LePage sales representative Neil Bosdet notes that recent Bank of Canada interest rate cuts have done little to stimulate buyer interest. “Though we have seen a handful of distressed sellers, the supply of homes has remained flat,” he said.
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Despite the slight dip in prices, homes remain well above $1 million — far out of reach for most BC residents.
Ratehub reported that in August 2024, a household income of $166,420 was required to buy a home in Victoria; meanwhile, the average income in Victoria is slightly above $54,000, according to ZipRecruiter.
Real estate cools, while rent prices heat up
For those not ready — or unable — to buy a home, the rental market is equally tough to navigate.
Rentals.ca reports that Victoria continues to rank as the ninth most expensive market in Canada. In September, the average rent for a one-bedroom unit increased slightly by 0.1%, bringing it to $2,174. Two-bedroom units saw a 0.5% rise, averaging $2,854.
While rent prices for one-bedroom units have risen 2.5% year over year, two-bedroom units actually saw a 1.8% decrease compared to last year. This may offer some relief for renters, though overall prices remain daunting.
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Victoria’s housing struggles were recently underscored by the Vital Signs report, which gave the city’s housing a near-failing grade due to rising home prices, rental unaffordability, and increasing pressure on those seeking shelter in the region.
While Victoria’s housing market may be “quiet and stable,” the affordability crisis continues to speak volumes.