Victoria, British Columbia Real Estate Market Data
Updated: Nov 2024
House
Median price | $950,000 |
Monthly growth | 1.1% |
Quarterly trend | 4.0% |
Stock on market | 0.6% |
Apartment
Median price | $550,000 |
Monthly growth | 0.8% |
Quarterly trend | 2.5% |
Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
Bedrooms | Median Price |
---|---|
2 bedrooms | $750,000 |
3 bedrooms | $950,000 |
4 bedrooms | $1,200,000 |
Apartments
Bedrooms | Median Price |
---|---|
1 bedrooms | $500,000 |
2 bedrooms | $600,000 |
3 bedrooms | $700,000 |
Demographics
Current Population (2025) | 100,000 |
Previous Population (2020) | 98,000 |
Population Change | 2.0% |
Total Private Dwellings | 45,000 |
Occupied Private Dwellings | 42,000 |
Population Density (per km²) | 4.0 |
Land Area (km²) | 193.4 |
Market Analysis
Current Market Conditions and Trends
In Victoria, British Columbia, the real estate market is showing signs of continued growth. With a median house price of $950,000, the market has experienced a modest increase of 4% over the past year. The apartment segment is also growing at a stable pace, with median prices at $550,000 and an annual growth trend of 2.5%. These increments are indicative of a healthy demand in Victoria’s real estate market.
The population of Victoria stands at approximately 100,000 residents and has seen a growth rate of 2% annually. This steady population increase contributes to the ongoing demand for housing in the city and supports the progressive price trends observed in the housing market. Furthermore, Victoria’s attractive lifestyle and robust local economy make it a desirable location for both homeowners and investors.
Investment Opportunities and Potential
For investors looking into the Victoria real estate market, there are several opportunities to consider. Given the steady year-over-year property value increases, investing in residential properties could yield substantial long-term returns. The housing segment presents potential for capital gains as well as rental income, considering the sustained demand.
Apartments offer a more accessible entry point for investors due to their lower median price compared to houses. With an increasing number of professionals and small families looking for urban living solutions, apartments are likely to remain in high demand, providing investors with opportunities for both capital appreciation and rental yields.
Victoria’s growing population also hints at a long-term need for new housing developments and renovation projects. Investors with an interest in development or flipping properties may find lucrative projects in neighborhoods that are currently undervalued but poised for future growth.
Future Market Outlook
The future outlook for Victoria’s real estate market remains optimistic. Population growth is expected to continue driving demand for housing. The consistent upward trend in property values suggests that real estate remains a solid investment choice in this region.
However, potential investors should also be aware of external economic factors such as interest rates, employment rates, and national economic health that could impact market conditions. Careful consideration of these aspects along with thorough market research will be essential for making informed investment decisions in Victoria’s real estate landscape.
Overall, while no market is without risk, Victoria’s strong fundamentals like its natural beauty, vibrant culture, diverse economy, and desirability as a place to live work together to create a positive environment for real estate investment looking ahead.