Vancouver Island leading B.C. in where to buy rankings
- May 26, 2023
- 3 min read
Vancouver Island ranks as the best region to buy a home in B.C.
MoneySense and real estate site, Zoocasa, recently partnered to publish the 2023 edition of Where to Buy Real Estate in Canada. The study used data gathered from the Canadian Real Estate Association, Statistics Canada, and other real estate associations. Using benchmark prices, yearly price growth, and the price difference between an area’s benchmark price and the national average, a value rating of one to five was assigned to Canada’s top real estate markets for investing.
Vancouver Island topped all areas in British Columbia, taking 14th position in a ranking of 45 regions across Canada.
The Island is considered a very attractive area for buyers with a value ranking of 3.24. Other B.C. areas which made the list included Chilliwack (31), Victoria (33), the Fraser Valley (41) and Greater Vancouver, which ranked 44th with a value rating of 1.11.
The benchmark Vancouver Island home price in 2022 was $728,417, reflecting a 22% year-over-year increase and a three year growth of 61%.
Impressively, these numbers outshine other cities that made the Where to Buy Real Estate in Canada rankings, offering both a lower overall benchmark price but showing greater increase in value over time.
- Chilliwack, 2022 benchmark $793,175, 1 year +11%, 3 year +60%
- Victoria, 2022 benchmark $931,65, 1 year +19%, 3 year +49%
- Greater Vancouver, benchmark $1,199,242, 1 year +10%, 3 year +33%
With more affordable housing, quintessential coastal lifestyle, and offering one of Canada’s best climates, more people are choosing to relocate to Vancouver Island than ever, particularly young families, retirees, and remote workers. This, combined with the Island’s limited supply of housing, continues to drive prices and the market is expected to remain competitive in the coming years, with buyers and investors looking to take advantage of the Island’s growing appeal.
Ace is Invested in Vancouver Island Real Estate
A key component of Ace’s approach is identifying key markets where developers and homeowners can expect excellent return on investment, particularly in secondary markets like Langford, Colwood, Cowichan Bay, and other areas. On Vancouver Island, our current projects, Saanich Ridge Estates and Shawnigan Heights, located in Saanichton and Shawnigan Lake respectively, are focusing on commuter cities, offering excellent lifestyle amenities but with the conveniences of Central Victoria within easy distance.
As buyers look for alternatives to high cost homes in Greater Victoria and the Lower Mainland, the Vancouver Island presale market is particularly active, allowing the opportunity to secure homes in high demand but limited supply areas, while delaying the need to lock into a mortgage while awaiting Bank of Canada projections for interest rate drops to go into effect.
If you’re a developer that would like to know more about our team of Vancouver Island experts, or if you’re a homeowner interested in our current and upcoming projects, we welcome talking to you.