What defines a luxury property in Victoria BC?

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.

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.

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’.

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.

Jodi Baker

After attending grade school locally, Jodi enrolled at Camosun College, taking Business Administration and majoring in marketing. She graduated in 1991, the same year she was licensed as a Real Estate Agent and joined RE/MAX Camosun. Since then Jodi has been been building her career based on a desire to provide friendly professional service to people who want to sell or buy properties in Victoria, winning several awards along the way. In 2003 Jodi joined Geoff McLean and Associates, and she enjoys being part of his team of real estate experts. The team approach allows Jodi to balance her career and home life, something that every mother can appreciate, especially when the children are young! Jodi also enjoys cooking, camping, traveling and music. She shares her Central Saanich home with her husband and two children, two border collies and a cat. Connect with Jodi via email: jodi@mcleanrealestategroup.ca