If you've been watching Victoria's real estate market, you've probably noticed the sticker shock. With the median single-family home sitting at $1,140,000 as of September 2025, it's easy to assume homeownership in Greater Victoria is out of reach.
But here's what most buyers don't know: there are still 10 neighbourhoods where you can purchase a quality single-family home for under $1 million — some for as low as $767,000.
We analyzed six months of sales data from the Victoria Real Estate Board to identify these strategic opportunities. This isn't about fixer-uppers or homes in declining areas. These are established neighbourhoods with solid fundamentals, and they represent your best chance to enter Victoria's housing market while interest rates are declining and inventory remains elevated.
September 2025 has created unique conditions for strategic buyers:
After years of frenzied competition and sight-unseen offers, Victoria's market has normalized. This creates opportunity — if you know where to look.
We've organized these 10 neighbourhoods into three distinct tiers, each serving different buyer strategies and budgets.
Maximum affordability with solid fundamentals. These neighbourhoods offer the lowest entry points while maintaining access to amenities, schools, and transportation.
Best balance of price and location. These areas provide more central positioning and established community feel while staying well under the million-dollar threshold.
Premium locations at threshold pricing. You're getting desirable addresses and character homes for hundreds of thousands less than comparable properties in adjacent neighbourhoods.
Median Sale Price: $767,000
Median Asking Price: $837,000
Market Health: Only 3 expired listings in 6 months
Rudd Park represents the most affordable entry point into Victoria's single-family market — nearly $400,000 below the city median. The $70,000 gap between asking and selling prices indicates sellers are being realistic, and the low expired listing count confirms homes move when priced appropriately.
Neighbourhood Highlights:
Best For: First-time buyers, young families, investors seeking rental properties near amenities
Median Sale Price: $810,000
Median Asking Price: $848,000
Area Focus: Properties West of Admirals Road
Esquimalt offers something rare at this price point: urban amenities with waterfront proximity. You're getting a village atmosphere with local shops, parks, and community feel while staying connected to Victoria's core.
Neighbourhood Highlights:
Best For: Buyers seeking character and community, military families, those wanting walkable neighbourhoods
Median Sale Price: $853,050
Median Asking Price: $1,049,000
Key Insight: $200K negotiation gap between asking and selling
Burnside presents the most significant negotiation opportunity on our entire list. The nearly $200,000 gap between what sellers are asking and what buyers are paying indicates a reality check is happening in this neighbourhood.
Neighbourhood Highlights:
Best For: Savvy negotiators, buyers willing to update older homes, those prioritizing location over modern finishes
Pro Tip: If you're looking in Burnside, come prepared with recent comparable sales data. Sellers listing at $1M+ are testing the market — informed buyers with realistic offers are getting deals done.
Median Sale Price: $901,000
Median Asking Price: $995,000
Days to Sell: 17 days
Tillicum is what we call the "Triple Threat" — affordable pricing, fast sales, and realistic seller expectations. When a neighbourhood moves inventory in 17 days, it tells you buyers recognize value.
Neighbourhood Highlights:
Best For: Families prioritizing schools and amenities, buyers who need quick closings, those wanting established neighbourhoods
Why It's Moving: Tillicum offers practical, family-focused living at a price point that still allows for competitive financing. The combination of amenities, schools, and realistic pricing creates consistent demand.
Median Sale Price: $972,000
Median Asking Price: $902,400
Market Signal: Selling $70K above asking — competition has returned
Old Esquimalt (East of Lampson, South of Craigflower) is showing clear signs that competition is back. When homes sell above asking in today's balanced market, it indicates genuine demand for the area's unique qualities.
Neighbourhood Highlights:
Best For: Buyers seeking character homes, those willing to compete with strong offers, people valuing heritage and established neighbourhoods
Buyer Strategy: If you're interested in Old Esquimalt, pre-approval is essential. Come prepared with clean offers, minimal subjects, and competitive pricing. This isn't the neighbourhood for lowball offers.
Median Sale Price: $975,000
Median Asking Price: $999,999
Positioning: The quiet contender
Marigold doesn't generate the same buzz as waterfront Esquimalt or fast-moving Tillicum, but that's exactly its appeal. This is steady, reliable, residential Victoria without the hype.
Neighbourhood Highlights:
Best For: Buyers who prioritize peace and quiet, outdoor enthusiasts, those who prefer established over trendy
Median Sale Price: $992,450
Median Asking Price: $999,950
Market Signal: Perfect pricing alignment (only $7K difference)
Gateway demonstrates what a balanced, healthy market looks like. When asking and selling prices align within $7,000, both buyers and sellers have realistic expectations.
Neighbourhood Highlights:
Best For: Commuters, buyers wanting central location, those prioritizing accessibility
Median Sale Price: $999,900
Median Asking Price: $1,077,000
Key Feature: Gorge Waterway access
The Gorge comes in at literally $100 under the million-dollar mark. The $77,000 gap between asking and selling suggests some seller optimism, but the waterway access and lifestyle amenities justify the positioning.
Neighbourhood Highlights:
Best For: Active lifestyles, paddlers and water enthusiasts, buyers seeking lifestyle over square footage
Negotiation Note: That $77K gap is your opportunity. Come with recent comparables and be prepared to negotiate toward the selling price rather than the asking price.
Median Sale Price: $1,007,000
Median Asking Price: $949,000
Caution Flag: 5 expired listings in 6 months
Central Park is technically over our $1M threshold, and the 5 expired listings tell an important story: some sellers in this neighbourhood are still overpricing despite market realities.
Neighbourhood Highlights:
Best For: Buyers who want central Victoria character, those willing to wait for realistic sellers, people prioritizing location and walkability
Strategy: Don't overpay in Central Park. Those expired listings indicate that well-priced homes will move, but overpriced listings sit. Work with an agent who knows recent comparables and can identify realistic sellers.
Median Sale Price: $1,010,000
Median Asking Price: $982,495
Days to Sell: 16 days
Market Phenomenon: The reverse bidding dynamic
Mayfair presents the most interesting market dynamic on our list: sellers are listing under $1M at $982K, but homes are selling over $1M in just 16 days. This is reverse bidding — competition is clearly returning to this market.
Neighbourhood Highlights:
Best For: Families prioritizing schools and shopping, buyers ready to compete, those wanting established neighborhoods with strong resale potential
Buyer Reality: If you want Mayfair, understand you're competing. That 16-day average means good listings move fast. Pre-approval, clean offers, and willingness to act quickly are essential. This isn't the neighbourhood for lengthy negotiations.
