What defines a luxury property in Victoria BC?

by Jodi Baker on April 29, 2016

What is “Luxury”?

To define a concept like “luxury” is, a bit like like someone’s opinion of beauty, technically impossible because it is in the eye of the beholder. If you surveyed the local residents of Victoria BC & Vancouver Island, you would find that luxury is many different things to many different people.

Nautica Luxury Yacht - Digital Project

Dictionary.com defines luxury as:

a material object, service, etc., conducive to sumptuous living, usually a delicacy, elegance, or refinement of living rather than a necessity

The key here is need vs. want, but many of us live in situations that address our wants on top of our needs, are we living in luxury? Not really.

What makes a property part of the “Luxury” real estate market?

Since “Luxury” is a vague concept, a “luxury real estate market” is equally difficult to define in terms that relate to all realty sellers and buyers. This means that the “luxury real estate market” for Victoria and Vancouver Island cannot be easily defined as the opinion of luxury varies from person to person.

Luxury home for sale at 3195 Humber Rd.

Most people would agree that a large lot with private beach access is luxury, even without a 15,409 sq. foot 6 bedroom mansion. In fact the photo above is a $15 million dollar property listing in Victoria BC that would qualify as ‘luxury’ in most parts of the world!

The “Luxury” Real Estate market in Victoria BC

The average income for Victoria BC residents in our last national census was $84,500 which is a mere $300 over the national average for all Canadian cities. This sets the bar for “affluent” individuals, typically the group at the top 10% of the pay scale, at ~$200k annual household income or more. With this in mind, any property under $500,000 would struggle to be defined as a ‘luxury property’.

luxury properties in Victoria BC

So it’s no surprise that Victoria BC and Vancouver Island are a very inviting destination for affluent individuals looking for excellent value in luxury real estate.

Work with local realty experts

With over 15 years of local Victoria BC experience working with both buyers & property owners, Geoff McLean and Associates is a reliable source of luxury real estate knowledge. Geoff’s team of realtors will work hard for you to ensure a smooth transaction without the headaches and pitfalls that are common in large real estate transactions.

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VREB Statistics for 2014/2015

by Geoff McLean on February 5, 2016

The Victoria Real Estate Board (VREB) is an association of ~1,200 local Vancouver Island/Gulf Island REALTORS® with hands-on knowledge of the local real estate market in the Greater Victoria area.

Origin of VREB Buyers 2014/2015

National VREB buyers 2014-2015

Origin of Canadian VREB Buyers 2014/2015

Provincial VREB buyers 2014-2015

Origin of VREB Buyers Outside of Canada 2014/2015

Worldwide VREB buyers 2014-2015

Origin of BC Buyers 2014/2015

BC VREB buyers 2014-2015

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Log Homes in Victoria BC

by Geoff McLean December 4, 2015

Vancouver Island is home to the mighty douglas fir, a tree that makes an excellent log for building custom homes. The reddish hues of this tree are beautiful but the straight grains, tight growth rings, and resistance to mold/fungus are the most prized attributes of this species of tree.Local douglas fir logs are carefully selected […]

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Female Veterans of Canada

by Jodi Baker November 10, 2015

Victoria BC is well known for having a largely female population, we recently mentioned that Victoria took the #1 spot nationwide for the title of ‘Best City in Canada for Women‘. Female Canadian Veterans While we identify with women living in Victoria, when it comes to Canadian veterans, even in this city, the stereotype is […]

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Moving from Calgary to Victoria BC

by Geoff McLean September 28, 2015

The Gas Prices are Nice But… Heck even the gas prices in Calgary are getting a second glance with an 11c per litre price jump on Monday the 28th that’s officially ruining the local optimism that comes with a sub $1/litre gas. Price Trends for Calgary Calgary Gas Prices Provided by GasBuddy.com   Calgary isn’t a frustrating/complex city, […]

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Moving from Vancouver to Victoria BC

by Geoff McLean September 4, 2015

Vancouver is a Wonderful City … But! Please don’t get the wrong idea! Vancouver wins plenty of awards and earns more than it’s fair share of international acclaim for doing many things well including hosting events like the Olympics/International Expos/World Cup/etc.. Heck, in most areas where Victoria is #1 in Canada/Internationally Vancouver is usually close […]

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Economic Analysis of BC – August 2015

by Geoff McLean September 3, 2015

Our friends over at Central1 Credit Union have posted an updated Economic Analysis of British Columbia report for August 2015. The full report is available in PDF format for easy printing/review: Economic Analysis of British Columbia – Volume 35 • Issue 4 • August 2015 | ISSN: 0834-3980 With economic forecasts that run until 2017 […]

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Victoria: Best City in Canada for Women

by Jodi Baker July 16, 2015

Canada is often regarded as one of the best countries in the world for outstanding natural beauty, quality of living, career opportunities, and many more reasons. This week, on the 16th on July, Kate McInturff, a senior researcher at the Canadian Center for Policy Alternatives (CCPA) published an extensive report comparing the top Canadian cities […]

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Early Summer Events in Victoria for 2015

by Jodi Baker June 9, 2015

Living in Victoria can be very distracting during the summer months because there’s just so much going on. Even when the weather is wet we tend to find plenty of activities or just ignore it with some rain gear. Early Summer Events June 17-21: Historical Timeline at Fort Rodd HillBring the kids and take a […]

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Exploring Cordova Bay in 2015

by Geoff McLean May 7, 2015

A few years ago (time flies!) we put out a nice little post on the East Saanich Neighborhood of Cordova Bay. This is a historic community with a lot of retirement activities that neither needs major changes nor seeks to reinvent itself. It’s a very close knit residential community that is flush with groups and […]

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