IN THE KNOW:
Battle of the Skylines: Vancouver & Victoria vs. Denver
Canada – U.S. home prices: lack of choice drives disparity.
The similarities between Vancouver, Victoria and Denver are easy to spot.
Their economic growth is driven by booming tech sectors. They’re near mountains and widely considered to be among their respective countries’ prettiest, coolest cities. Yet Vancouver’s median home price in April, $1.17 million CAD (Victoria is close behind), was about $350,000 higher than Denver’s.
Andrew Lis, director of economics and data analytics at the Real Estate Board of Greater Vancouver, says an accurate comparison between Canadian and U.S. housing markets has to account for under-the-hood differences — building codes, the length of mortgage terms and home style preferences, for example — as much as it does similarities. And a big issue for an Island community like Greater Victoria? Availability.
“So it makes it really hard to do that comparison and give you some kind of neat and tidy answer as to why it is that Denver is cheaper,” Lis says.
Like Toronto, Vancouver and Victoria are one-of-a-kind opportunities for Canadian home buyers. They are economic and cultural centres that also happen to be sandwiched between breathtaking mountains and an orca-populated stretch of the Pacific Ocean. If it weren’t for the population differences, Vancouver and Victoria might be better compared to bigger coastal cities like Seattle, San Francisco, Los Angeles and San Diego — all of which have median home prices higher than urban B.C.
Sources: VREB, REBGV, Nerd Wallet.
FROM THE CURRENT ISSUE OF DOUGLAS:
The Permit Game
How to start a new business in Victoria without tearing your hair out.
Want to open an office? A retail store? A food truck? Starting a new business in Victoria is both exhilarating and daunting. One of the first questions to ask is “Where?”
Location, location, location: Zoning regulations vary throughout Greater Victoria and determine the type of business that’s permitted to operate at a specific location, along with other regulations such as parking requirements. Before signing a lease, consult the online VicMap app to identify regulations for your location, and confirm the legal use for a specific address.
To use VicMap:
– Find your location using the search tool.
– View the zoning associated with the property.
– Ensure that your proposed business complies with the permitted use in that zone.
– Identify any parking requirements for the property.
MARK YOUR CALENDAR:
Coming up:
JUNE
June 19: AI Fundamentals for Business camptech.ca/workshops
June 25: Belleville Terminal Redevelopment Project B2B Event
June 26: Small Business Information Session for Immigrants
June 27: Pop-Up Speed Networking Event by Socialinks
June 28: Business Leaders Luncheon: BC Hydro CEO, Chris O’Riley
https://www.victoriachamber.ca/upcoming-events.html
