HomebuyingHow COVID-19 has affected homebuying and the mortgage market in Canada
Decline in home purchases. Increase in mortgage renewals. Here’s what Canadians were up to during the lockdown.
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Getting ready to apply for a mortgage in Victoria? Maybe you already have one and want to renew at the end of your term? Luckily for you, BC lenders offer some of the lowest mortgage rates in all of Canada, and Victoria is no exception. Even better, rates are at historic lows, so now is a great time to shop for a mortgage.
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Victoria housing.
After a steady 2015, Victoria housing really picked up steam in 2016. Buyers who were priced out of Metro Vancouver turned to the island and drove prices up throughout the whole year, but especially in the summer. The fall saw price growth begin to slow down, but experts predict that home prices are definitely on the rise in 2017, albeit at a very low rate.
Average Home Prices in Victoria.
| Date | Home Prices |
|---|---|
| 01/14 | $561,776 |
| 03/14 | $571,247 |
| 05/14 | $573,078 |
| 07/14 | $559,940 |
| 09/14 | $571,064 |
| 11/14 | $565,687 |
| 01/15 | $523,687 |
| 03/15 | $611,213 |
| 05/15 | $589,970 |
| 07/15 | $584,437 |
| 09/15 | $602,693 |
| 11/15 | $597,699 |
| 01/16 | $635,917 |
| 03/16 | $671,766 |
| 05/16 | $696,046 |
| 07/16 | $690,000 |
| 09/16 | $700,000 |
New home prices have been relatively flat in Victoria for the past few years, which is welcome news for homebuyers because interest rates have dropped significantly. New builds in Victoria are as affordable as they have been in some time.
New Home Prices in Victoria, Single-Detached
| Year | Price |
|---|---|
| 2011 | $667,023 |
| 2012 | $653,278 |
| 2013 | $690,646 |
| 2014 | $664,127 |
| 2015 | $675,000 |
| 2016 | $695,000 |
About Victoria.
Located on the southern tip of Vancouver Island, Victoria is the beautiful and laid-back capital of British Columbia. With a mix of heritage architecture, mountain scenery, and one of the most temperate climates in all of Canada (without the rain of Vancouver) it’s no wonder this graceful seaside town is a beacon for those who want to enjoy the good life.
You feel the pull of history here too: as one of the first settlements to be established in the Pacific Northwest, Victoria is the site of the second oldest Chinatown in North America, behind San Francisco. It is also known as the ‘City of Gardens’, famous for its manicured natural landscapes and elegant neighbourhoods that echo a grand English heritage.
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