Victoria, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $1,075,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.1% |
Apartment
| Median price | $620,000 |
| Monthly growth | 0.5% |
| Quarterly trend | 1.8% |
| Stock on market | 1.3% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $900,000 |
| 3 bedrooms | $1,075,000 |
| 4 bedrooms | $1,250,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $500,000 |
| 2 bedrooms | $620,000 |
| 3 bedrooms | $750,000 |
Demographics
| Current Population (2024) | 93,000 |
| Previous Population (2019) | 91,500 |
| Population Change | 1.8% |
| Total Private Dwellings | 40,000 |
| Occupied Private Dwellings | 38,000 |
| Population Density (per km²) | 3.5 |
| Land Area (km²) | 19.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Victoria, British Columbia, is exhibiting stable growth as indicated by the moderate year-over-year price increases for both houses and apartments. The median house price in the area currently stands at $1,075,000, which reflects a 2.5% increase over the past year. Likewise, the median apartment price has reached $620,000, showing a slightly lower growth rate of 1.8% within the same period.
This growth is underpinned by a robust population increase of 1.8%, suggesting that demand for housing in Victoria remains strong. The convergence of these trends indicates a steadily appreciating real estate market that is buoyed by consistent demand and a growing population base.
Investment Opportunities and Potential
For investors considering Victoria’s real estate market, there are several factors that indicate potential for profitable investment opportunities. The steady increase in property values suggests that investments made now could appreciate in value over time. Furthermore, the persistent population growth provides a continuous stream of potential tenants for rental properties.
Investors focusing on long-term capital gains might find the single-family home segment particularly attractive due to its higher year-over-year price trend. However, those interested in entering the market at a lower price point with potentially less maintenance may consider apartments as viable investment vehicles given their more modest but still positive trend.
Future Market Outlook
The future outlook for Victoria’s real estate market remains cautiously optimistic. Given the city’s steady population growth and its appeal as a desirable location to live and work, demand for housing is likely to persist. This ongoing demand, coupled with the region’s limited space for new development due to geographic constraints, may continue to put upward pressure on home prices.
However, investors should remain mindful of broader economic conditions and potential interest rate changes which could impact borrowing costs and affordability. Moreover, regulatory changes and housing policies can also influence market dynamics.
In conclusion, while current trends point towards continued market health and appreciation in property values, investors should maintain a strategy that accounts for both immediate data-driven opportunities and longer-term market shifts that could affect their investment outcomes in Victoria’s real estate landscape.
