A few years ago, the suggestion of a condominium craze in the real estate Victoria BC market would have been laughed at. Victoria is the very definition of a gentrified town. An aging and aristocratic population has ever been reluctant to accept the idea of high rise buildings and multi family dwellings. In addition, Victoria does not have quite the property climate which led to the success of Toronto condos. The city lacks defunct industrial areas ripe for redevelopment, and citizens don't like the idea of obstructed water front views.
While those traditional outlooks are still in place, it appears that many residents of Victoria have come to embrace the idea of the condominium at least in part. It could be that this current trend is not organically driven. That is to say, the big demand for condos in Victoria is being driven by tourists and students, rather than long time permanent residents. However, the condo market in the city boasts the same draws as these units enjoy as parts of the Yorkville real estate market; let's take a look.
Prices
While even the overpriced market in Victoria pales in comparison to the listings on the downtown Toronto real estate market, the cost of buying a home here is still enough to make the new home buyer gulp for air. A 1400 square foot home with two bedrooms on the borders of Oak Bay will cost over $400,000; well beyond the reach of most couples.
Condos, on the other hand, can be purchased for much less even in the downtown areas of Victoria. In this, prices are comparable to developments such as Absolute Condo, Mississauga based. They are within the borrowing capacity of young first time home buyers.
Location
Of course, that downtown location is of prime concern for many Victoria residents. With the main business sectors of government and tourism located right on the harbour, rush hour traffic and parking can be a real problem in the city. A condo here offers the same benefits as North York condos back east; you walk out your door and down the street to work without all the commuting hassle.
Upkeep
Even the anti-condo among the Victorian elite have had to admit that condos offer some appeal in their lack of work. As the population ages, those well groomed gardens and lawns in Oak Bay and Saanich become increasingly difficult to keep in shape. With a condo, though, owners can enjoy their ocean view and nicely appointed landscaping without worrying about the work. It's a draw for the senior population and the young professional alike.
In some areas, such as Sidney, condominium complexes are still being discouraged by traditionally focused residents. However, the numbers in Victoria show that the condo craze is beginning to arrive in the city. The number of developments have tripled in the last two years. With investment concerns secure and an ever more interested population, it's safe to say that the face of Victoria is likely to change a lot in the next decade.
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