There is certainly something remarkable about the city of Victoria. It’s the capital city of British Columbia and it wears the title proudly. It’s a beautiful city in a great location, with a healthy climate, and it’s an exceptional city for raising a family or building a business.
There’s a lot about Victoria that makes it different than any other city in Canada. Located at the southern tip of Vancouver Island, it’s the most southern of cities in Western Canada. It’s about 100 kilometres from another major British Columbia city: Vancouver, located on Canada’s Mainland. It takes a little bit of effort to get to Victoria, but once you are here, you will feel right at home.
Every city has a nickname, and Victoria’s is “the Garden City.” It’s easy to see why. There is a year-round growing season, and rich, fertile soil. There’s plenty of farmland around the city, and plenty of fresh vegetables, beautiful flowers and luscious gardens grow all through the city. These, and many more things about the cities in the Pacific Northwest are tourist attractions, to be sure – but why do people buy real estate in Victoria? Besides the tourism potential, there are many reasons.
Climate is one reason. Victoria has very attractive weather all year round. Mild, rainy winters, and cool, sunny summers. It’s not too warm, not too wet, and definitely not too cold. It’s perfect for sports lovers and outdoor enthusiasts. If you love hiking, cycling, walking, or any ocean sports (such as swimming, diving, kayaking, boating, or surfing), Victoria is the place for you.
Another reason is the location. Passenger ferries from the Mainland to the Island make over 100 crossings a day from varying locations, and the journey is lovely. It’s part of the reason people love to live in Victoria. The city is a gateway for all of Vancouver Island, but there are other ports from the Mainland. The Island Highway allows traffic on the Island to move (as well as via ferry) to the other port cities, like Nanaimo. Nanaimo is approximately 90 minutes away by car from Victoria.
Real Estate Potential
For real estate buyers, Victoria is an attractive alternative to Vancouver. Vancouver is known for having limited growth opportunities for new housing developments, and therefore any of the existing properties that are for sale are in demand – and expensive. Average home prices in Vancouver are over $1 million; however, there are many homes in Victoria that are more affordable. The average price of houses in the greater Victoria core in 2019 is $843,600, according to the Victoria Real Estate Board. Condominium pricing is about $500,000.
Strata housing is popular throughout BC as a more affordable way of having everything you want. Over 1.5 million people live in stratas, including condominiums, townhouses, duplexes and single-family homes in allocated strata subdivisions. There are many different kinds of strata housing in BC at many different price points, but the common factor is that owners purchase shares in common property while still owning their own dwelling. Bylaws and fees do come into play.
A Home Unlike Any Other
Victoria is a city full of people who love their city, and most would not wish to live anywhere else. Throughout the city, there are unique neighbourhoods, each with a wealth of riches and charms. Investors will not be disappointed with all that they find in the capital city. The city is friendly and easy to get around in.
If you’re interested in buying property in Victoria, Nanaimo, Vancouver Island, Vancouver, Surrey, or anywhere in the Pacific Northwest, look at Ovlix.com. You’ll find all the answers you need about what life here is like, and what the advantages and disadvantages are for new property owners in this area. It is a very convenient tool to search and shop with, or simply to casually peruse prices and pictures of all the properties that interest you.