Where to buy real estate in 2020: Victoria

2020

The top three neighbourhoods in the City of Victoria are:

1. Mayfair, Victoria

This year’s top pick for the City of Victoria, Mayfair, is a community in transition—meaning, it’s still capitalizing on its strengths as a commercial hub with great access to the water and an easy commute to the downtown core. Buyers can expect to find lower- to mid-budget bungalows that are solidly built and ripe for updating. There are also low-rise apartment complexes and updated or new-build homes from developers looking to capitalize on families who want a bigger, modern space, but at a more reasonable price than in surrounding communities.

One big advantage of this neighbourhood is the redevelopment of Mayfair Shopping Centre. This large shopping complex is now considered the go-to retail spot in Victoria, with more than 120 retail stores to browse and buy. In order to reopen in 2018, this shopping centre underwent a $72-million redevelopment, which included adding 100,000 square feet of additional retail space (room for 20 more stores) and 400 more parking stalls. The impetus behind this expansion was to create more of an experience for shoppers. 

For Mayfair residents, this updated mall has brought traffic problems, but also a flush of new activity and added economic stimulus to the area. 

Buyers should expect to pay a bit more in Mayfair for a similar property found in Quadra, a neighbourhood to the east. That’s partially because the more urban feel makes this neighbourhood feel slightly more lively, which can attract more business, more renters and more activity—and, at times, this can translate into increased desire to be part of that community. 

Prior to the pandemic and market slowdown, homes typically sold within 35 days in Mayfair, Victoria.

Average Single-Family Home Price (2019): $779,899

2. Burnside, Victoria

There was a time when jobs outnumbered residents in this Victoria neighbourhood; when car dealerships, scrap yards and gravel pits defined the community. But a push from residents, with the support of local politicians, has helped transform Burnside into a more pedestrian and bike-friendly place. This community is still considered more of a first-time buyers market, since it maintains a strong commercial presence, but over the last four or five years, the big yardshops have given way to new small-scale manufacturing companies and plenty of mom-and-pop shops, including new pubs, specialty coffee roasters and pizzerias.

Some of the big draws for this community are the close proximity to the harbour—you can still get a home on the waterfront—along with easy access to Mayfair Shopping Centre, Cecilia Ravine Park, SilverCity Victoria, and an assortment of cafes, restaurants, and bars that are within a short walk of home.

Since the average sale price in Burnside is almost 33% lower than the average house price for the City of Victoria, this is a great neighbourhood for anyone who wants to get into the housing market at a more affordable price, or for those who want a home with an easy-to-rent-out mortgage helper.

Prior to the pandemic and market slowdown, homes typically sold within 33 days in Burnside, Victoria.

Average Single-Family Home Price (2019): $686,995

3. Hillside, Victoria

Like many communities in Victoria, the draw here is how easily accessible amenities are for the residents. People in this neighbourhood can choose between the popular Mayfair Shopping Centre or the larger and recently renovated Hillside Shopping Centre.

The community also offers easy access to downtown Victoria, which is only a 10 to 15 minute drive or a 20-minute trip by bus. Alternatively, Hillside is a great community for those commuting north to the University of Victoria or for homeowners who want a bit of help with the mortgage by renting out a room or suite to a university student. By car, the campus is less than 10 minutes away; only slightly longer than what it takes to get the campus by bus. On sunny days, it’s only a 30- to 40-minute walk.

Prior to the pandemic and market slowdown, homes typically sold within 25 days in Hillside, Victoria.

Average Single-Family Home Price (2019): $702,750