Victoria is the capital of British Columbia. It is the southernmost big city located in the west of Canada. Its chief industries are food products, education, tourism, technology, provincial and federal government administrations, and services.
Moreover, this city has very affordable housing properties. For financially stable families it is a very affordable city to settle in. Victoria’s general cost of living is specifically cheaper. The rental prices, consumer prices, restaurant prices, and prices of groceries are cheaper than in other Canadian cities. So, if you are thinking of settling in Victoria then this will be a good decision for your life.
Average Housing Price in Victoria:
The average housing price in Victoria is $1,077,255. The city has 41 new listings. Victoria has 19 average days on the market to sell a house. The average sold price in the city is $1.1M. The selling to listing price ratio of Victoria is 99 percent.
The average price of a single-family house that was sold out in February was $1.16M. The median household price was $978,000. The average price of a condo in the city was very affordable and was $542,564 while the median price was $454,900.
Homes for Sale in Victoria:
Houses of different ranges are available in different areas of Victoria. A one-bedroom residential apartment is available at 500 Oswego St, Victoria, British Columbia V8V 5C1. The price of this apartment is just $299000. A similar one-bed and one-bath residential apartment is available for sale at 580 MICHIGAN STREET. The rate of this apartment is just $650,000. Many more affordable houses are available for sale in Victoria. One can easily buy a fully furnished apartment within the range of $600,000. These houses have all basic facilities. So, you can enjoy a quality of life in Victoria.
What Kind of Houses Can You Afford in Victoria?
In Victoria, you will never be bored in the same kind of houses as in other cities. Victoria offers wonderful architectural styles. These include townhomes, condominiums, single-family residential, and detached houses. The average price of condominiums in Victoria is the most affordable one and is $536K. The average price of townhomes is $1.2M. Similarly, the average price of detached homes in the city is $1.8M.
The rent of houses in the city is also quite reasonable. The cheapest rent in the city is in Melton and is just $320.
Victoria Housing Market Outlook:
According to a report, the overall provincial housing sales in July were down about 7.2 percent while the average housing prices have increased 17.1%. According to the real estate market of Victoria, the average price is expected to remain moderate in the coming year on affordability constraints, but a very low mortgage rate will continue to blast in the housing market. So keeping the real estate data in mind many economists in Victoria suggest waiting until 2022 to buy a new house. One can buy a house at a reasonable price in the coming year.