Vancouver West House Prices Compared to Victoria, BC: A married couple living in Vancouver West approached us about selling their house in Vancouver West and buying in Victoria.
With talk of the "fiscal cliff" in the U.S. in January, 2013, the ongoing Euro crisis, and a stagnant economy, they wanted to lock in their capital gains but weren’t sure if they should sell now or wait.
Now, Vancouver West houses are different than Victoria. The population of Greater Vancouver is 2.1 million, making it the third largest city in Canada. The population of Victoria is 316,000, the 12th largest city in Canada. Nevertheless, Victoria is the capital of British Columbia and has a cosmopolitan atmosphere, with a thriving opera, ballet, art, and dance scene.
Our team researched prices over seven years and showed that Vancouver West housing prices had more than doubled, with declines in 2008 and the summer of 2012. The market has since recovered.
In contrast, the following graph shows the Victoria market had been stable through the seven years:
The graph shows that the Vancouver West market appears to be peaking, and that selling in the future could result in selling into a declining market.
This information helped our client make an informed decision. They could lock in their capital gains and retire comfortably in a very livable city.
Contact the Scott Vannan team at (250) 388-5882 or svannan@macrealty.com to learn how we can help you learn more about house prices in Vancouver and Victoria, BC.
Sources: Victoria Real Estate Board, Vancouver Real Estate Board
Comments(1)