Where to buy Victoria real estate in 2019 - MoneySense

Where to buy real estate in 2019: Victoria, B.C.

The city’s real estate prices are predicted to cool in the next 24 months, making it a good time to buy.

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Ask a long-term Victoria, B.C., resident if they are likely to move and you’ll probably hear at least a dozen reasons never to leave this West Coast city. While weather tops the list, it isn’t the only reason why residents stay in and around the provincial capital. Well paying jobs—primarily due to government, educational and medical institutions operating there—along with great schools, access to incredible nature experiences and a commitment to work-life balance is what keeps most people there.

But over the last few years, more than a few residents wondered if the next generation would be able to afford this market. When B.C. real estate prices swelled in 2015 and 2016, the market in Victoria was carried up along with it. By the end of 2016, the benchmark price for single-family homes in Greater Victoria had grown by almost 25%.

Fast forward to April 2019, and the predictions for Victoria’s real estate market are starkly different than 12 or even 24 months ago. Now, Victoria’s home prices are predicted to cool over the next two years, according to the Canada Mortgage and Housing Corporation (CMHC). The primary factor for this slowing market is the expectation of rising interest rates, although the B-20 mortgage stress test along with the increasingly unaffordable real estate costs in B.C. are certainly contributing. Still, with the current temporary reprieve from rising rates, this could be an opportunity to purchase when rates are low and prices are stagnant.

But which neighbourhoods to buy into? In a city where commuting times really impact housing prices, the key is to find an area that suits your lifestyle and your budget, and still has room for equity growth.

Victoria’s top 3 neighborhoods to buy

1. Sooke

For many, that ideal location may no longer be in the City of Victoria. This year, the number one neighbourhood is 40 kilometres south of the city centre, in the region of Sooke.

Sooke River offers small-town hospitality, a manageable 45- to 60-minute drive to the big city and plenty of access to the stunning wilderness of Canada’s West Coast. What pushed this neighbourhood to the top of this year’s list is the average price of a home in Sooke River: It’s is more than 35% cheaper than surrounding communities and the Greater Victoria area. Plus, Sooke River hasn’t reached its full potential. In the last five years, home prices have appreciated by just over 43%; that still leaves room to grow, considering many Greater Victoria neighbourhoods realized even more spectacular gains of 67% or more over the same five-year period.

Some potential buyers may still balk at the hour-long drive into Victoria but, as one realtor explained, “there was a time when a greater than 10 or 15-minute commute made a neighbourhood far less desirable.” Of course, as prices rose, the length of an “acceptable” commute also rose. Now, many potential buyers are comfortable with a 20 or even 30-minute commute.  

2. Rockheights

For those who don’t relish a long drive to Victoria, the good news is that the No. 2 neighbourhood in this year’s ranking is a short 10 minutes from downtown.

Rockheights in Esquimalt offers homes that sell for about 15% less, on average, than average area, district, and Greater Victoria home prices. Homes in this neighbourhood are typically on large lots and many sit high up, offering great water and city views, with some even offering views of the Olympic Mountains.  

For slightly cheaper homes (that are typically larger and still offer great access to both waterfront and downtown Victoria) check out Colwood Lake and Hatley Park in Colwood.

3. Gorge Vale

The community of Gorge Vale, also in Esquimalt, is dominated by the top-ranked Gorge Vale Golf Course. Those who live in the area appreciate the water and mountain views, as well as access to Kinsmen Park, where people can hike or kayak. 

Those employed by the Federal Department of National Defence will want to take a serious look at this community, considering it is the headquarters for the Canadian Pacific Naval Fleet.

The big draws for all Esquimalt communities are the close proximity to Victoria’s downtown core, easy access to the waterfront, and the overall housing prices. In Gorge Vale and surrounding communities, the average home costs typically $200,000 less than average prices in metro Victoria—that’s a steep saving for price-conscious first-time buyers or budget-crunched new families.

Still, not all families want to sacrifice location to save a few hundred thousand dollars on their largest investment. An area that’s in high demand by families is Oak Bay. And while our ranking doesn’t see any Oak Bay communities until No. 64, we’d be remiss not to mention the demand there, even despite the high average house price, which is somewhere north of $1.6-million. For instance, the Estevan neighbourhood is sought-after by families because the schools are highly rated, plus the little village within helps create a small town feel in the big city community. And the Uplands neighbourhood—No. 64 in this year’s ranking—is Victoria’s version of Vancouver’s Shaughnessy, a well-to-do community that gives home buyers access to large half-acre or one-acre lots, and the ability to buy or build large homes.

Top Neighbourhoods

Click Tap column headings to re-rank neighbourhoods. Click Tap on any neighbourhood name to learn more about it.

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RankNeighbourhoodAreaAverage home price (2017)ValueMomentumAverage price vs. areaAvg. price vs. metro districtAvg. price vs. outer region1-year price change5-year price changeFinal Star Rating
1Sooke RiverSooke $583,251.00100.0033.2363.84%64.18%64.18%6.75%43.10%★★★½
2RockheightsEsquimalt $774,121.0064.6077.8084.73%85.19%85.19%8.87%66.87%★★★½
3Gorge ValeEsquimalt $774,121.0064.6077.8084.73%85.19%85.19%8.87%66.87%★★★½
4Whiffin SpitSooke $583,251.00100.0033.2363.84%64.18%64.18%6.75%43.10%★★★½
5Colwood LakeColwood $745,463.0072.0562.5881.60%82.03%82.03%8.41%53.98%★★★½
6Hatley ParkColwood $745,463.0072.0562.5881.60%82.03%82.03%8.41%53.98%★★★½
7EsquimaltEsquimalt $774,121.0064.6077.8084.73%85.19%85.19%8.87%66.87%★★★½
8Becher BaySooke $583,251.00100.0033.2363.84%64.18%64.18%6.75%43.10%★★★½
9Sidney South-EastSidney $867,143.0046.5880.9094.92%95.42%95.42%5.11%80.18%★★★½
10Kinsmen ParkEsquimalt $774,121.0064.6077.8084.73%85.19%85.19%8.87%66.87%★★★½
11Mill HillLangford $720,399.0082.6146.8978.85%79.28%79.28%6.49%47.99%★★★½
12Sun RidgeColwood $745,463.0072.0562.5881.60%82.03%82.03%8.41%53.98%★★★½
13East SookeSooke $583,251.00100.0033.2363.84%64.18%64.18%6.75%43.10%★★★½
14Sheringham PointSooke $583,251.00100.0033.2363.84%64.18%64.18%6.75%43.10%★★★½
15WalfredLangford $720,399.0082.6146.8978.85%79.28%79.28%6.49%47.99%★★★½
16Wishard NorthColwood $745,463.0072.0562.5881.60%82.03%82.03%8.41%53.98%★★★½
17LatoriaColwood $745,463.0072.0562.5881.60%82.03%82.03%8.41%53.98%★★★½
18Langford LakeLangford $720,399.0082.6146.8978.85%79.28%79.28%6.49%47.99%★★★½
19Billings spitSooke $583,251.00100.0033.2363.84%64.18%64.18%6.75%43.10%★★★½
20BroomhillSooke $583,251.00100.0033.2363.84%64.18%64.18%6.75%43.10%★★★½
21FairwayLangford $720,399.0082.6146.8978.85%79.28%79.28%6.49%47.99%★★★½
22Phillips NorthSooke $583,251.00100.0033.2363.84%64.18%64.18%6.75%43.10%★★★½
23Saxe PointEsquimalt $774,121.0064.6077.8084.73%85.19%85.19%8.87%66.87%★★★½
24Otter PointSooke $583,251.00100.0033.2363.84%64.18%64.18%6.75%43.10%★★★½
25WesthillsLangford $720,399.0082.6146.8978.85%79.28%79.28%6.49%47.99%★★★½
26Kemp LakeSooke $583,251.00100.0033.2363.84%64.18%64.18%6.75%43.10%★★★½
27Sidney North-WestSidney $867,143.0046.5880.9094.92%95.42%95.42%5.11%80.18%★★★½
28Sidney South-WestSidney $867,143.0046.5880.9094.92%95.42%95.42%5.11%80.18%★★★½
29Royal RoadsColwood $745,463.0072.0562.5881.60%82.03%82.03%8.41%53.98%★★★½
30Old EsquimaltEsquimalt $774,121.0064.6077.8084.73%85.19%85.19%8.87%66.87%★★★½
31SaseenosSooke $583,251.00100.0033.2363.84%64.18%64.18%6.75%43.10%★★★½
32Thetis HeightsLangford $720,399.0082.6146.8978.85%79.28%79.28%6.49%47.99%★★★½
33LagoonColwood $745,463.0072.0562.5881.60%82.03%82.03%8.41%53.98%★★★½
34Langford ProperLangford $720,399.0082.6146.8978.85%79.28%79.28%6.49%47.99%★★★½
35Colwood CornersColwood $745,463.0072.0562.5881.60%82.03%82.03%8.41%53.98%★★★½
36Wishart SouthColwood $745,463.0072.0562.5881.60%82.03%82.03%8.41%53.98%★★★½
3717 MileSooke $583,251.00100.0033.2363.84%64.18%64.18%6.75%43.10%★★★½
38John MuirSooke $583,251.00100.0033.2363.84%64.18%64.18%6.75%43.10%★★★½
39Glen LakeLangford $720,399.0082.6146.8978.85%79.28%79.28%6.49%47.99%★★★½
40GoldstreamLangford $720,399.0082.6146.8978.85%79.28%79.28%6.49%47.99%★★★½
41Moresby IslandGulf Islands $692,699.0088.2027.4875.82%76.23%76.23%11.26%41.40%★★★½
42Port RenfrewSooke $583,251.00100.0033.2363.84%64.18%64.18%6.75%43.10%★★★½
43LuxtonLangford $720,399.0082.6146.8978.85%79.28%79.28%6.49%47.99%★★★½
44Happy ValleyLangford $720,399.0082.6146.8978.85%79.28%79.28%6.49%47.99%★★★½
45French BeachSooke $583,251.00100.0033.2363.84%64.18%64.18%6.75%43.10%★★★½
46West Coast Rd.Sooke $583,251.00100.0033.2363.84%64.18%64.18%6.75%43.10%★★★½
47Bear MountainLangford $720,399.0082.6146.8978.85%79.28%79.28%6.49%47.99%★★★
48Jordan RiverSooke $583,251.00100.0033.2363.84%64.18%64.18%6.75%43.10%★★★
49JubileeVictoria $959,059.0031.0670.03104.98%105.54%105.54%5.91%58.92%★★★
50Florence LakeLangford $720,399.0082.6146.8978.85%79.28%79.28%6.49%47.99%★★★
51Royal BayColwood $745,463.0072.0562.5881.60%82.03%82.03%8.41%53.98%★★★
52Olympic ViewLangford $720,399.0082.6146.8978.85%79.28%79.28%6.49%47.99%★★★
53TriangleColwood $745,463.0072.0562.5881.60%82.03%82.03%8.41%53.98%★★★
54HumpbackLangford $720,399.0082.6146.8978.85%79.28%79.28%6.49%47.99%★★★
55DowntownVictoria $959,059.0031.0670.03104.98%105.54%105.54%5.91%58.92%★★★
56Sidney IslandGulf Islands $692,699.0088.2027.4875.82%76.23%76.23%11.26%41.40%★★★
57OaklandsVictoria $959,059.0031.0670.03104.98%105.54%105.54%5.91%58.92%★★★
58Sidney North-EastSidney $867,143.0046.5880.9094.92%95.42%95.42%5.11%80.18%★★★
59JacklinLangford $720,399.0082.6146.8978.85%79.28%79.28%6.49%47.99%★★★
60AtkinsLangford $720,399.0082.6146.8978.85%79.28%79.28%6.49%47.99%★★★
61SongheesVictoria West $959,059.0031.0670.03104.98%105.54%105.54%5.91%58.92%★★★
62Rock BayVictoria $959,059.0031.0670.03104.98%105.54%105.54%5.91%58.92%★★★
63Victoria WestVictoria West $959,059.0031.0670.03104.98%105.54%105.54%5.91%58.92%★★★
64UplandsOak Bay $1,639,831.003.7398.60179.49%180.45%180.45%12.63%81.43%★★★
65Mayne IslandGulf Islands $692,699.0088.2027.4875.82%76.23%76.23%11.26%41.40%★★★
66Rocky PointMetchosin $956,314.0036.0272.36104.68%105.24%105.24%10.42%65.23%★★★
67HillsideVictoria $959,059.0031.0670.03104.98%105.54%105.54%5.91%58.92%★★★
68Olympic ViewColwood $745,463.0072.0562.5881.60%82.03%82.03%8.41%53.98%★★★
69Pender IslandGulf Islands $692,699.0088.2027.4875.82%76.23%76.23%11.26%41.40%★★★
70Deep CoverNorth Sannich $1,254,137.0010.5685.71137.27%138.01%138.01%9.44%63.46%★★★
71Salt Spring IslandGulf Islands $692,699.0088.2027.4875.82%76.23%76.23%11.26%41.40%★★★
72SunriverSooke $583,251.00100.0033.2363.84%64.18%64.18%6.75%43.10%★★★
73Piers IslandGulf Islands $692,699.0088.2027.4875.82%76.23%76.23%11.26%41.40%★★★
74MayfairVictoria $959,059.0031.0670.03104.98%105.54%105.54%5.91%58.92%★★★
75GlentanaView Royal $819,233.0049.6952.9589.67%90.15%90.15%14.95%48.40%★★★
76Saturna IslandGulf Islands $692,699.0088.2027.4875.82%76.23%76.23%11.26%41.40%★★★
77Lands EndNorth Sannich $1,254,137.0010.5685.71137.27%138.01%138.01%9.44%63.46%★★★
78Silver SpraySooke $583,251.00100.0033.2363.84%64.18%64.18%6.75%43.10%★★★
79Prevost IslandGulf Islands $692,699.0088.2027.4875.82%76.23%76.23%11.26%41.40%★★★
80MetchosinMetchosin $956,314.0036.0272.36104.68%105.24%105.24%10.42%65.23%★★★
81GonzalesOak Bay $1,639,831.003.7398.60179.49%180.45%180.45%12.63%81.43%★★★
82Bear MountainHighlands $927,265.0037.8957.30101.50%102.04%102.04%6.14%63.62%★★★
83West SaanichSaanich West $807,082.0060.8733.3988.34%88.81%88.81%2.04%44.77%★★★
84RocklandVictoria $959,059.0031.0670.03104.98%105.54%105.54%5.91%58.92%★★★
85James BayVictoria $959,059.0031.0670.03104.98%105.54%105.54%5.91%58.92%★★★
86High QuadraSaanich East $1,045,772.0021.7460.09114.47%115.08%115.08%3.32%57.44%★★★
87Central ParkVictoria $959,059.0031.0670.03104.98%105.54%105.54%5.91%58.92%★★★
88Galiano IslandGulf Islands $692,699.0088.2027.4875.82%76.23%76.23%11.26%41.40%★★★
89Albert HeadMetchosin $956,314.0036.0272.36104.68%105.24%105.24%10.42%65.23%★★★
90FerwoodVictoria $959,059.0031.0670.03104.98%105.54%105.54%5.91%58.92%★★★
91Portage InletSaanich West $807,082.0060.8733.3988.34%88.81%88.81%2.04%44.77%★★★
92SandownNorth Sannich $1,254,137.0010.5685.71137.27%138.01%138.01%9.44%63.46%★★★
93HospitalView Royal $819,233.0049.6952.9589.67%90.15%90.15%14.95%48.40%★★★
94Fairfield WestVictoria $959,059.0031.0670.03104.98%105.54%105.54%5.91%58.92%★★★
95Pedder BayMetchosin $956,314.0036.0272.36104.68%105.24%105.24%10.42%65.23%★★★
96Six MileView Royal $819,233.0049.6952.9589.67%90.15%90.15%14.95%48.40%★★★
97KangarooMetchosin $956,314.0036.0272.36104.68%105.24%105.24%10.42%65.23%★★★
98Prior LakeView Royal $819,233.0049.6952.9589.67%90.15%90.15%14.95%48.40%★★★
99TillicumSaanich West $807,082.0060.8733.3988.34%88.81%88.81%2.04%44.77%★★★
100View RoyalView Royal $819,233.0049.6952.9589.67%90.15%90.15%14.95%48.40%★★★
101Dean ParkNorth Sannich $1,254,137.0010.5685.71137.27%138.01%138.01%9.44%63.46%★★★
102North Oak BayOak Bay $1,639,831.003.7398.60179.49%180.45%180.45%12.63%81.43%★★★
103Coles BayNorth Sannich $1,254,137.0010.5685.71137.27%138.01%138.01%9.44%63.46%★★★
104GatewaySaanich West $807,082.0060.8733.3988.34%88.81%88.81%2.04%44.77%★★★
105William HeadMetchosin $956,314.0036.0272.36104.68%105.24%105.24%10.42%65.23%★★★
106Curteis PointNorth Sannich $1,254,137.0010.5685.71137.27%138.01%138.01%9.44%63.46%★★★
107Olympic ViewMetchosin $956,314.0036.0272.36104.68%105.24%105.24%10.42%65.23%★★★
108ArdmoreNorth Sannich $1,254,137.0010.5685.71137.27%138.01%138.01%9.44%63.46%★★★
109BurnsideVictoria $959,059.0031.0670.03104.98%105.54%105.54%5.91%58.92%★★★
110NeildMetchosin $956,314.0036.0272.36104.68%105.24%105.24%10.42%65.23%★★★
111EstevanOak Bay $1,639,831.003.7398.60179.49%180.45%180.45%12.63%81.43%★★★
112Royal OakSaanich West $807,082.0060.8733.3988.34%88.81%88.81%2.04%44.77%★★★
113Fairfield EastVictoria $959,059.0031.0670.03104.98%105.54%105.54%5.91%58.92%★★★
114Western HighlandsHighlands $927,265.0037.8957.30101.50%102.04%102.04%6.14%63.62%★★★
115Willis PointSaanich West $807,082.0060.8733.3988.34%88.81%88.81%2.04%44.77%★★★
116Cordova BaySaanich East $1,045,772.0021.7460.09114.47%115.08%115.08%3.32%57.44%★★★
117Swartz BayNorth Sannich $1,254,137.0010.5685.71137.27%138.01%138.01%9.44%63.46%★★★
118South Oak BayOak Bay $1,639,831.003.7398.60179.49%180.45%180.45%12.63%81.43%★★★
119Rudd ParkSaanich West $807,082.0060.8733.3988.34%88.81%88.81%2.04%44.77%★★★
120Mt. DougSaanich East $1,045,772.0021.7460.09114.47%115.08%115.08%3.32%57.44%★★½
121Prospect LakeSaanich West $807,082.0060.8733.3988.34%88.81%88.81%2.04%44.77%★★½
122Bazan BayNorth Sannich $1,254,137.0010.5685.71137.27%138.01%138.01%9.44%63.46%★★½
123Elk LakeSaanich West $807,082.0060.8733.3988.34%88.81%88.81%2.04%44.77%★★½
124Cadboro BaySaanich East $1,045,772.0021.7460.09114.47%115.08%115.08%3.32%57.44%★★½
125ArbutusSaanich East $1,045,772.0021.7460.09114.47%115.08%115.08%3.32%57.44%★★½
126AirportNorth Sannich $1,254,137.0010.5685.71137.27%138.01%138.01%9.44%63.46%★★½
127QuadraSaanich East $1,045,772.0021.7460.09114.47%115.08%115.08%3.32%57.44%★★½
128Gordon HeadSaanich East $1,045,772.0021.7460.09114.47%115.08%115.08%3.32%57.44%★★½
129BroadmeadSaanich East $1,045,772.0021.7460.09114.47%115.08%115.08%3.32%57.44%★★½
130GlanfordSaanich West $807,082.0060.8733.3988.34%88.81%88.81%2.04%44.77%★★½
131GorgeSaanich West $807,082.0060.8733.3988.34%88.81%88.81%2.04%44.77%★★½
132GranvilleSaanich West $807,082.0060.8733.3988.34%88.81%88.81%2.04%44.77%★★½
133Lambrick ParkSaanich East $1,045,772.0021.7460.09114.47%115.08%115.08%3.32%57.44%★★½
134McDonald ParkNorth Sannich $1,254,137.0010.5685.71137.27%138.01%138.01%9.44%63.46%★★½
135MartindaleCentral Saanich $912,204.0044.1021.8999.85%100.38%100.38%-7.30%47.70%★★½
136Swan LakeSaanich East $1,045,772.0021.7460.09114.47%115.08%115.08%3.32%57.44%★★½
137Beaver LakeSaanich West $807,082.0060.8733.3988.34%88.81%88.81%2.04%44.77%★★½
138InterurbanSaanich West $807,082.0060.8733.3988.34%88.81%88.81%2.04%44.77%★★½
139BlenkinsopSaanich East $1,045,772.0021.7460.09114.47%115.08%115.08%3.32%57.44%★★½
140SunnymeadSaanich East $1,045,772.0021.7460.09114.47%115.08%115.08%3.32%57.44%★★½
141Eastern HighlandsHighlands $927,265.0037.8957.30101.50%102.04%102.04%6.14%63.62%★★½
142HendersonOak Bay $1,639,831.003.7398.60179.49%180.45%180.45%12.63%81.43%★★½
143Strawberry ValeSaanich West $807,082.0060.8733.3988.34%88.81%88.81%2.04%44.77%★★½
144KeatingCentral Saanich $912,204.0044.1021.8999.85%100.38%100.38%-7.30%47.70%★★½
145LayritzSaanich West $807,082.0060.8733.3988.34%88.81%88.81%2.04%44.77%★★½
146MarigoldSaanich West $807,082.0060.8733.3988.34%88.81%88.81%2.04%44.77%★★½
147Lake HillSaanich East $1,045,772.0021.7460.09114.47%115.08%115.08%3.32%57.44%★★½
148Ten Mile PointSaanich East $1,045,772.0021.7460.09114.47%115.08%115.08%3.32%57.44%★★½
149NorthridgeSaanich West $807,082.0060.8733.3988.34%88.81%88.81%2.04%44.77%★★½
150MaplewoodSaanich East $1,045,772.0021.7460.09114.47%115.08%115.08%3.32%57.44%★★½
151TannerCentral Saanich $912,204.0044.1021.8999.85%100.38%100.38%-7.30%47.70%★★½
152Mt. TolmieSaanich East $1,045,772.0021.7460.09114.47%115.08%115.08%3.32%57.44%★★½
153Cedar HillSaanich East $1,045,772.0021.7460.09114.47%115.08%115.08%3.32%57.44%★★½
154OldfieldCentral Saanich $912,204.0044.1021.8999.85%100.38%100.38%-7.30%47.70%★★½
155HawthorneCentral Saanich $912,204.0044.1021.8999.85%100.38%100.38%-7.30%47.70%★★½
156QueenswoodSaanich East $1,045,772.0021.7460.09114.47%115.08%115.08%3.32%57.44%★★½
157SaanichtonCentral Saanich $912,204.0044.1021.8999.85%100.38%100.38%-7.30%47.70%★★½
158Island ViewCentral Saanich $912,204.0044.1021.8999.85%100.38%100.38%-7.30%47.70%★★½
159TurgooseCentral Saanich $912,204.0044.1021.8999.85%100.38%100.38%-7.30%47.70%★★½
160Brentwood BayCentral Saanich $912,204.0044.1021.8999.85%100.38%100.38%-7.30%47.70%★★½
161InletCentral Saanich $912,204.0044.1021.8999.85%100.38%100.38%-7.30%47.70%★★
Value
Measures how affordable the neighbourhood is compared to the surrounding area and the region overall
Momentum
Measures how quickly prices are appreciating in this neighbourhood, with an emphasis on long term appreciation

For more, please see our complete methodology

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