While she grew up in Greater Victoria, she moved to Alberta and started a family with the intention of saving enough to return. “It’s beautiful and we love it, we’d love to be able to raise our kids here one day.”īreanne Epoch is facing a similar situation. “Being born and raised in Victoria, you shouldn’t have to be priced out,” Taylor said.
The couple did look at moving to the East Coast but as she works as a French immersion teacher and he works in construction, both would be looking at pay cuts and Webber would have a hard time finding a job in his field. “We’ve been waiting to see if that will ever happen … It was so competitive during COVID,” Taylor said. Their hope is prices will start to decline, and with some help from family, they might be able to get into the market. The couple even looked at a rent-to-own option in Langford but when they crunched the numbers, it was in the $600,000 to $900,000 range. Yet, in Greater Victoria, that’s not enough. They pay $2,000 a month for their one-bedroom apartment, which in theory should be their mortgage payment.
While the pair had their sights set on a single-family home, their pre-approval was in the $500,000 range – which is typical for many first-time home buyers. Jade Taylor and her partner Joe Webber have been closely watching the market for the past eight months. But it could be the 22 years it would take many of them to save for a down payment. It’s not avocado toast or daily takeout coffees preventing younger generations from entering the real estate market. Owning a single-family home in Greater Victoria has become an unattainable dream for many Millennials or even members of Generation Z.
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Find part two in next week’s edition with the full series online at /tag/housing-crisis. This is part one in a three-part series on single-family homes in Greater Victoria. Happy Birthday Regional District of Mount Waddington.
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