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There can be no doubt that having a home on Vancouver Island has a lot of appeal
to almost everyone, and being at the nerve centre of the province by living
in Victoria is a draw unto itself. An economy that revolves around higher education,
tourism, and government is a historically stable one and Victoria has an old
charm all its own. But what kind of options can you expect to find when you
are house hunting here? Let's take a look.
The most important aspect for many people when it comes to houses in Victoria,
and really on Vancouver Island as a whole, is the price. Because of the appeal
of the Island, a house for sale here is going to command a much higher price
than an equivalent house for sale in Mississauga Ontario. In fact, some people
may be shocked at just how high the cost of a house in Victoria is.
So, keep in mind that there is a very high minimum you can expect to pay in
the city and even in its outskirts when you are looking to buy a Victoria home.
Expect a 30 year old one storey home with 1200 square feet to cost around $400,000
in the middle of town. It's not quite as pricey as Oakville real estate yet, but it's certainly getting there!
Of course, if money isn't an issue for you there are plenty of great
options within the Victoria city limits. In fact, you can probably find that
dream home you have been looking for all your life. Even Scarborough condos
with a view of Lake Ontario can't compare with apartments in Victoria
overlooking the Pacific Ocean. And with the Ocean on three sides of the city,
real estate with a view is not hard to find.
Of particular interest to high end buyers in Victoria are the neighbourhoods
of Saanich, Beacon Hill, and Oak Bay. Oak Bay in particular is known as a place
where old money resides, where fine landscaping is essential and for its spectacular
ocean views.
What you may not find as readily in Victoria as in other major cities in the
country are high density developments. Victoria is a very traditional city,
and its residents in all neighbourhoods tend to frown on any type of high rise
developments. As the city has never had much of a manufacturing industry, there
has been no real opportunity for developers to create avant garde housing as represented by Toronto lofts back east.
The lack of vertical development also means that you won't find the equivalent
of a Toronto luxury condo in any of the neighbourhoods of Victoria, including
the downtown core. So far, residents have been willing to put up with a real
estate glut and high traffic volumes in order to keep the community as traditional
feeling as possible.
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