In February 2021, a single-family house in Oak Bay cost 1.3 million Canadian dollars, which rose to 1.6 million Canadian dollars the following year. Oak Bay was the most expensive suburb in Victoria, British Columbia in both periods, followed by North Saanich, and Metchosin.
Victoria: an overview
Victoria is the capital city of the province of British Columbia. The city is located south of Vancouver, and across the U.S. border from Seattle. In 2020, the average home price in Victoria was 779,000 Canadian dollars, which placed the city as the sixth most expensive Canadian city for residential real estate.
Home affordability in Victoria
Victoria was the third least affordable Canadian market as of the second quarter of 2021. Households needed to pay, on average, 48 percent of their household income to afford mortgage payments. House prices in the city are set to continue growing, additionally burdening homeowners.
Prices for a single family house in Victoria, British Columbia in February 2021 and February 2022, by suburb
(in 1,000 Canadian dollars)
According to MLS Home Price Index methodology, the characteristics of a single family home are a composite of those for one- and two-storey single family homes and don't specify whether the home is attached or detached.
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VREB. (March 1, 2022). Prices for a single family house in Victoria, British Columbia in February 2021 and February 2022, by suburb (in 1,000 Canadian dollars) [Graph]. In Statista. Retrieved November 10, 2024, from https://www-statista-com.ezproxy.canberra.edu.au/statistics/647969/single-family-house-prices-in-victoria-bc-by-suburb/
VREB. "Prices for a single family house in Victoria, British Columbia in February 2021 and February 2022, by suburb (in 1,000 Canadian dollars)." Chart. March 1, 2022. Statista. Accessed November 10, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/647969/single-family-house-prices-in-victoria-bc-by-suburb/
VREB. (2022). Prices for a single family house in Victoria, British Columbia in February 2021 and February 2022, by suburb (in 1,000 Canadian dollars). Statista. Statista Inc.. Accessed: November 10, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/647969/single-family-house-prices-in-victoria-bc-by-suburb/
VREB. "Prices for a Single Family House in Victoria, British Columbia in February 2021 and February 2022, by Suburb (in 1,000 Canadian Dollars)." Statista, Statista Inc., 1 Mar 2022, https://www-statista-com.ezproxy.canberra.edu.au/statistics/647969/single-family-house-prices-in-victoria-bc-by-suburb/
VREB, Prices for a single family house in Victoria, British Columbia in February 2021 and February 2022, by suburb (in 1,000 Canadian dollars) Statista, https://www-statista-com.ezproxy.canberra.edu.au/statistics/647969/single-family-house-prices-in-victoria-bc-by-suburb/ (last visited November 10, 2024)
Prices for a single family house in Victoria, British Columbia in February 2021 and February 2022, by suburb (in 1,000 Canadian dollars) [Graph], VREB, March 1, 2022. [Online]. Available: https://www-statista-com.ezproxy.canberra.edu.au/statistics/647969/single-family-house-prices-in-victoria-bc-by-suburb/
