Victoria is a province in Canada that is experiencing higher vulnerability with regards to the housing market. The home price index as of January was 5.5% higher than the home price index of May, and that index has increased close to 1% over just the last month. People have been encouraged to only take on mortgages that they are completely sure they can afford. Victoria is not only experiencing higher valuations with homes, but also apartments as Victoria has the 4th highest rent rate across all of Canada. If you are going to buy a home in Victoria right now, be financially responsible and act with a budget.
Key Takeaways:
- The home price index in Victoria is 5.5% higher than it was in last May and has even increased since just 2 months ago in December.
- Higher valuations are happening in both homes and apartments and Victoria now has the 4th highest rent rate in all of Canada.
- There are people who believe the market will bounce back as people are gaining more disposable income and will therefore have more money to put towards a home and/or mortgage.
“Victoria continues to exhibit signs of higher vulnerability compared To other housing markets, the Canada Mortgage and Housing Corporation has stated.”
