Single family house prices in Victoria BC 2024, by suburb

In November 2024, a single-family house in Oak Bay cost 1.9 million Canadian dollars. Oak Bay was the most expensive suburb in Victoria, British Columbia, followed by Highlands and North Saanich.

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 961,000 Canadian dollars, which placed the city as the sixth most expensive Canadian city for residential real estate.

Home affordability in Canada

Housing affordability is, undoubtedly, one of the biggest barriers to homeownership in Canada. In 2023, the ratio of homeownership costs to income was 62.5 percent. Nevertheless, more expensive locations in the country had a higher ratio, with Vancouver exceeding 100 percent, suggesting that on average, mortgage payments exceeded the monthly income. Amid lower affordability and worsening homebuyer sentiment, house prices in some of Canada's markets are forecast to decline slightly in 2024.