About Victoria BC
Information on Victoria, BC
The City of Victoria is the capital of British Columbia and the metropolitan centre of the area known as Greater Victoria, located on the southern tip of Vancouver Island.
Surrounded by the Pacific Ocean on three sides and forest to the north and east, Victoria has all of the comfort and quality of life in Greater Vancouver but with a slower, quieter pace of life and lower property prices.
A Brief History of Victoria
Named after Queen Victoria, the city is one of the oldest on the Pacific Coast being founded in 1843. It has retained a large number of its historic and architecturally significant buildings surrounding the Inner Harbour.
The two most famous landmarks are the Parliament Buildings (finished in 1897 and home of the Legislative Assembly of British Columbia) and the Empress Hotel (opened in 1908).
New Condos in Greater Victoria
Greater Victoria is made up of 13 municipalities, encompassing the communities of the West Shore and the Saanich Peninsula. These areas share the same great climate, amenities, and general good livability as the city centre, but with lower real estate prices.
The City of Victoria has a good selection of presale condo developments, but many of the new condo developments are located in the other communities. Langford, Esquimalt, & Colwood have seen a huge amount of new condo development due to a pro-development political culture and a large amount of developable land.
At present Langford has the largest selection of presale condo developments which also tend to be less expensive than in other areas of Greater Victoria. Saanich also has quite a few new condo developments for similar reasons. We can help with presales across the Victoria region.
Why is Victoria a Good Investment for Presales and New Condos?
From a real estate investment perspective, especially for new condo developments, Victoria is widely seen as a safe bet as it has a highly stable economy.
This is largely due to the large and growing government presence compared to Vancouver and the rest of British Columbia. As the capital city, there are many stable and high paying civil service jobs in the city.
The Royal Canadian Navy has its West Coast headquarters and large naval base in the suburb of Esquimalt. Victoria is also the location of several high-quality universities and other post-secondary institutions which not only offer more stable employment but are also a draw for high-quality tenants. The city and region also has a thriving tech sector that has generated many well-paying jobs.
The region has also seen significant population growth creating demand for new housing. The population of the Greater Victoria Area was 367,770 in 2016 and increased by 8% to 397,237 in 2021 according to the 2021 census.
Victoria New Condos are Popular with Retirees & Snow Birds
Victoria and Vancouver Island are also popular with retirees and others who like the mild climate (warmer, less rain, and more sunshine) compared to the rest of Canada (Alberta in particular) and affordable housing compared to the Vancouver area.
With Victoria’s stability, prosperity, climate, and natural beauty, the development industry has created a wide variety of new home and presale condo options in the Victoria area that have the benefits of capital appreciation, rental revenue, and high standard of living.