Single family house prices in Victoria BC 2021-2022, by suburb

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.