New report gives Victoria’s housing market a near-failing grade
Victoria’s latest Vital Signs Report has dropped, and while it covers a wide range of topics, the most shocking takeaway is the state of housing.
Spoiler alert: it’s bad.
The report, produced by the Victoria Foundation, is a community wellness check-up that highlights everything from the economy to environmental sustainability.
But this year, housing earned a brutal D-, and here’s why.
The housing crisis in numbers
According to the report, Greater Victoria is firmly in sellers’ market territory, with a residential sales-to-listings ratio of 28% as of May 2024.
This translates to fewer homes available and mounting competition, which has only pushed prices higher. As of August, the average home was $866,700, and the income needed to buy a home here is at a whopping $166,420, according to RateHub.
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Rental affordability is also in the red zone, according to the Vital Signs Report.
A staggering 53% of senior renters spend over 30% of their monthly income on rent and utilities, while 21% are at an even more dangerous level, putting more than 50% of their income into housing. In June, Victoria ranked as Canada’s eighth most expensive major city to rent.
The average rent for a single person across all unit types is $1,571 — and that’s if you can even find a place. Rentals.ca reported that the average rent for a one-bedroom apartment is $2,172.
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In 2023, the Province introduced five-year housing targets for priority municipalities across BC in an effort to tackle the housing crisis.
Targets were established for municipalities, and at the six-month mark, Victoria reported that it had exceeded its year-one target (one of the few municipalities to do so), Saanich was close to hitting the overall number, while Oak Bay was falling behind.
It’s not all doom and gloom
While housing took a nosedive, other areas of life in Victoria managed to skate by with more passable grades.
The Economy, Safety, Health Care, and Standard of Living all got a C+, while Arts & Culture, Environmental Sustainability, and Education fared better with a B.
Sports and Recreation led the pack with a B+ — so if you’re into staying active, Victoria’s still got you covered.
Elena_Alex_Ferns/Shutterstock
While Condé Nast Traveler just named Victoria the best small city in the world, reflecting the city’s appeal to tourists, living here as a local tells a different story — with core needs like housing becoming increasingly difficult to meet.
See the full Vital Signs Report here.