According to housing portal Point2 Homes, Victoria is a “magnet city for young, educated Canadians.” The site released its “Top Millennial Hot Spots in 2018”, ranking 85 cities Canada wide, including smaller cities as well as major metropolis areas like Toronto and Vancouver.
Coming in at #2, just behind Quebec City, Victoria is a favourite amongst younger Canadians for a variety of reasons, including climate, life satisfaction, and “the second highest percentage of millennials in the country.”
Our sunny capital placed #1 in Climate and Life Satisfaction categories, ranked low in unemployment, and has an exceptionally educated population.
“Victoria is growing and changing,” said city Mayor Lisa Helps.
“But it’s the scale of Victoria — the small, compact nature of it, that makes it what it is and I think that’s what’s attracting people here.” (Global)
While Victoria ranked exceptionally high in most areas, housing prices were an area of concern, with Victoria being one of three cities in Canada that saw their worst-ever affordability levels. When compared to median income in the city, Victorians spend approximately 61.5% of their household income on home ownership costs.
RBC attributes “steady job creation and one of the lower unemployment rates in the country” as factors that are driving up housing prices.
Kyle Kerr, President of the Victoria Real Estate Board, commented that “we need to realize, people are willing to spend money to be here and I think we have to look at creating more housing opportunities,” adding that we need to work towards finding “creative housing opportunities that millennials are looking for.”
What do you think? Is Victoria the city you most want to live in, or where would you choose instead? Let us know in the comments section below, and for all your Victoria real estate news, follow VictoriaHomes.com on Facebook!