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Real Estate, Victoria, BC: Is It a Good Time to Buy?

There’s no denying that Victoria BC is an amazing place to live.

If you love the ocean, trees, mountains, and mild weather all year long, then Vancouver Island is probably the place for you. Quaint towns and villages – Tofino, Port Alberni, Comox – cover the island without imposing on the immense natural beauty that it possesses.

That being said, there’s one city that rises above the rest. In this post, we’re going to discuss real estate in Victoria BC.

People are flocking to Victoria in record numbers, but does that mean it’s a good time to buy? Keep reading to find out.

Real Estate in Victoria BC is Growing Fast

The real estate market in Victoria has been bubbling for some time now. In 2016, a record number of residential properties were sold and, according to the British Columbia Real Estate Association, the 2021 numbers were almost as good.

While this is an amazing development for the post-pandemic real estate market in a growing city, it meant that house prices jumped by over 22%. A single-family home in Victoria now costs upwards of $1 million. The average price for a condo in Victoria is almost $500,000.

As with other big Canadian cities, like Toronto, Vancouver, and Montreal, the housing market in Victoria is showing no signs of slowing down. So, should you buy now or wait until things potentially cool off?

Is It the Right Time to Buy?

One of the reasons why Victoria’s housing market continues to grow is because it has a relatively low number of listings and a high number of buyers. This competition fuels growth, but development can’t match the demand that we’re seeing.

That said, if you’ve spent any time in Victoria over the past 10 years, then you’ve seen the city change a lot. The suburbs are growing and real estate opportunities are there for people who can afford the price tag.

Investing in Victoria BC real estate is smart, no matter what the cost is right now. It’s one of the most desirable places to live in the entire country, so the demand that we’re seeing is unlikely to wane anytime soon.

Why Victoria?

It’s a good idea to learn more about Victoria if you’re interested in buying property there. With amazing parks, schools, and a growing economy, there are few better destinations for young couples and families.

Victoria is home to a major international airport and ferry terminals that can take you back and forth to mainland BC and the US. Within a few hours’ drive, you can reach almost anywhere on Vancouver Island, from the dramatic Tofino beaches to the ancient trees of central BC.

Within Victoria, you’ll find all of the amenities that a world-class city should provide. There are countless amazing coffee shops, restaurants, bars, and shops, but it retains the quaint feeling that small island towns provide.

Purchase Your Victoria BC Real Estate

It’s no coincidence why people want to move to Victoria. If you can get approved for the right mortgage, real estate in Victoria BC is one of the best investments you could make.

Did you enjoy this post? Come back again for more on finance and real estate.

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