Posts Tagged ‘affordable housing’

If you’re buying your first home on Vancouver Island, Langford is often the city that rises to the top of the list. It combines affordability, modern amenities, walkable neighbourhoods, and a growing job market, all while staying within reach of downtown Victoria. For many new buyers, Langford offers something rare: a chance to get into the market without compromising lifestyle. More Room for Your Budget One of the biggest barriers for first-time buyers in Greater Victoria is cost. Central Victoria and many surrounding neighbourhoods come with benchmark prices that make home ownership feel out of reach. Langford stands out because the housing stock is newer, more diverse, and often more accessible. Condos, townhomes, and smaller single-family homes are widely available, offering a variety of entry points into the market. While prices fluctuate with interest rates and demand, Langford consistently remains more affordable than comparable Victoria neighbourhoods. For many first-time buyers, this difference is the key that gets them onto the property ladder. Modern Homes and New Infrastructure Because Langford has grown so quickly over the last decade, many homes are newer and built to modern standards. First-time buyers benefit from features that are often reserved for upscale developments in older communities: energy-efficient construction, practical layouts, newer roofs and systems, and fewer immediate maintenance concerns. The city’s infrastructure has evolved alongside its housing. You’ll find sports facilities, new schools, shopping centres, medical services, playgrounds, trails, and community hubs that make everyday life easier. This makes Langford incredibly livable from day one, especially if you’re coming from a rental or smaller condo. Lifestyle Without the Premium Price Tag Langford is well-known for its outdoor lifestyle. The city is surrounded by lakes, mountains, golf courses, and nature trails. Whether you want to hike Mount Finlayson, paddleboard on Langford Lake, or bike the Galloping Goose Trail, recreational options are minutes away. And unlike older urban cores where space is limited, Langford has large parks, wide streets, and room to breathe. The commercial side has also kept pace. The Westshore Town Centre, Belmont Market, Costco, boutique gyms, locally owned cafés, and countless restaurants create a sense of convenience that first-time buyers appreciate. You can settle in quickly without feeling like you’re giving up the amenities of a larger city. Strong Rental Demand and Secondary Suites Even if you’re not planning to be a landlord right away, it helps to know what your options are. Langford has a high rental demand due to its young workforce, proximity to nearby post-secondary institutions, and people relocating to the Westshore from across the Island and mainland BC. Many homes in Langford are built with rental suites, lower levels, or carriage homes. First-time buyers can offset mortgage costs or build equity faster by renting a portion of their property. For some buyers, this financial flexibility is the deciding factor in choosing Langford over other communities. A Community Designed for Growth, Not Sprawl Langford’s growth has been intentional. Rather than simply pushing outward, the city has invested in schools, sports facilities, community programs, and safe neighbourhoods. That’s part of why families, young professionals, and first-time buyers keep choosing Langford and why property values have historically held strong through market fluctuations. When you buy your first home, you’re not just buying the current property you’re buying into the future of a community. Langford’s trajectory remains positive, especially as more services and infrastructure arrive in the Westshore. Final Thoughts If you’re a first-time home buyer, Langford offers a rare combination of affordability, lifestyle, and future value. You don’t need to sacrifice space, convenience, or outdoor access to get into the market. And because the community continues to mature, there’s long-term upside that goes beyond the purchase price. Whether you’re considering a condo, townhome, or starter house, Langford deserves a close look. It remains one of the most accessible and enjoyable entry points into home ownership in Greater Victoria.   Michael Billington, 5-Star Review, via Google “Excellent experience with Faber group! Zach is an amazing young professional, he is very knowledgeable and explained everything to me (a first time buyer) very well. Towards the end I got to work with Cal as well who was also very kind and professional. I would certainly recommend Faber group.” Faber Real Estate Group Royal LePage Coast Capital Realty 📞 250-244-3430 📧[email protected] ℹ️ Scott Faber Personal Real Estate Corporation ℹ️ Cal Faber Personal Real Estate Corporation Vanessa Wood & Zachary Parsons “Building Lasting Relationships, One Home at a Time.”

How Affordable Is Housing in Victoria? A Smart, Honest Look at Today’s Market When people talk about Victoria, they talk about charm: tree-lined neighborhoods, ocean breezes, heritage character, and a lifestyle that feels a little bit magical. But there’s another conversation happening just as often: Is housing in Victoria still affordable? As real estate professionals immersed in this market every day, our goal is to bring clarity to a topic that naturally sparks confusion, frustration, and sometimes hope. Housing affordability in Victoria isn’t a simple yes or no question. It’s a mix of economics, supply and demand, demographics, and long-term trends that shape how people live and invest here. Let’s break it down, intelligently and honestly. Understanding Victoria’s Affordability Problem: It Starts With Supply Victoria is small. Hemmed in by the ocean, strict zoning, and limited land, our region has one of the tightest supplies of housing in the country. Even when demand cools, the underlying shortage keeps prices resilient. A low supply doesn’t just mean fewer homes for sale, it also impacts rental inventory. Victoria’s rental vacancy rate typically sits well below 2%, which is far below the 3–5% considered “healthy.” A tight rental market naturally pushes people to consider buying sooner, which adds pressure to the ownership market as well. When supply is constrained, and demand remains steady or grows, prices stay elevated. That is exactly what we’ve seen over the last decade. Demand Isn’t Just Local Victoria isn’t a city that grows accidentally; people move here on purpose. The region attracts: Retirees seeking a mild climate Professionals relocating for government and tech jobs Nurses, remote workers, and families looking for balance Investors recognizing the stability of the Vancouver Island market This diverse demand base keeps competition strong across all housing types. Even when interest rates rise, Victoria typically sees delayed moderation because the local buyer pool is not the only buyer pool. For affordability, this means locals are not just competing with locals — they’re competing with national and sometimes international interests. Understanding these buyer dynamics is key to understanding why prices stay high. Is Victoria Affordable? It Depends on Who You Ask Here’s where the conversation becomes nuanced. For First-Time Buyers:Affordability is the biggest challenge. Detached homes often feel out of reach, which is why demand has surged for condos, townhomes, and “missing middle” housing. Creative solutions like shared ownership, entering the market with a condo first, or purchasing in emerging neighbourhoods have become essential strategies. For Move-Up Buyers:Those who already own property may find Victoria quite manageable, thanks to equity gains. Many homeowners are leveraging strong appreciation from the past five to ten years to move into their next property with confidence. For Investors:Victoria remains one of the most stable rental markets in Canada due to extremely low vacancy rates and strong tenant demand. From a cash-flow perspective, investors must run numbers carefully, but from a security standpoint, the market is very attractive. The Real Question: Is Victoria’s Market Sustainable? Affordability challenges don’t disappear overnight, but we are starting to see shifts: More inventory is coming online than we’ve seen in years The city’s housing strategy continues to push for higher-density and missing-middle projects Changing interest rates are moderating rapid price increases These factors work slowly, but they do work. Victoria is unlikely to become “cheap,” but there's a real possibility it will become more balanced, giving more people a fair opportunity to enter the market. Victoria May Be Expensive, But It’s Also Worth Understanding Affordability is a challenge, yes. But knowledge is power. When you understand why Victoria’s market looks the way it does, you can make smarter, more strategic decisions whether you’re buying, selling, investing, or simply planning ahead. Our role is to help you navigate this complex landscape with clarity, confidence, and a strategy that aligns with your goals. Victoria may not be the cheapest market in Canada, but with the right guidance, it can absolutely be one of the most rewarding. If you ever want to explore your options, compare neighbourhoods, or understand current trends, we’re always here to help you make the smartest move possible. Faber Real Estate Group Royal LePage Coast Capital Realty 📞 250-244-3430 📧[email protected] ℹ️ Scott Faber Personal Real Estate Corporation ℹ️ Cal Faber Personal Real Estate Corporation Vanessa Wood & Zachary Parsons "Building Lasting Relationships, One Home at a Time."