Loans, Credit, Mortgages and Financing in Victoria

Loans, Credit, Mortgages and Financing in Victoria

Victoria is located on the southern tip of Vancouver Island and is capital of British Columbia. It has one of the most mild and comfortable climates in Canada and has all the benefits of a seaside town, mountain retreat and metropolitan city. Victoria was one of the first settlements in the Pacific Northwest and is home to the second oldest Chinatown in North America. The city has both a large population of non-native student who are enrolled in one of Victoria’s three post-secondary institutions as well as a large population of retirees.

Fun Facts

  • After San Francisco, Victoria has the oldest Chinatown in North America. You’ll also find the most narrow alley way in all of Canada there.
  • Victoria is the Cycling Capital of Canada as it is home to a far-reaching system of bicycle paths.
  • Victoria is renowned around the world as the “City of Gardens”.

Statistical Analysis

Average Family Income 81,580
Average Price of House $507, 560
Provincial Income Tax5.06% on the first $37,869 of taxable income
 7.7% on the next $37,871
 10.5% on the next $11,218
 12.29% on the next $18,634
 14.7% on the next $45,458
 16.8% on the amount over $151,050
Provincial Sales Tax7%
Unemployment Rate5.4%
Insolvency Rate 3.8%

Victoria Housing Market

The Victoria housing market has picked up this year after experiencing a slow 2013 and 2014. This does mean that housing prices are steadily on the rise but since the previous years were so slow, interest rates are extremely affordable. There is a high demand for new build homes and builders have been able to meet that demand so there a plenty of options if you’re currently looking to purchase a new home in the city.

How to be a Responsible Consumer in Victoria

Protecting yourself from consumer fraud, credit scams and identity theft should always be a priority and by learning how to be responsible and conscientious consumer you’ll be able to arm yourself with the information you need.

Keep an Eye on Your Credit Report

Your credit report contains all your financial and personal information. Including your employment record, credit card use, previous and present debts and marital status, this is all extremely valuable information that you need to make sure is always up to date. An error on your credit report could prevent you from being approved for a loan you need, affect your credit score or limit the credit available to you.

Protect Your Personal Information

Always keep all of your personal information private; never share more information than you need to. Keep an eye out for strange charges on your credit accounts or errors on your credit report. If you think you might be the victim of identity fraud or a credit scam get in contact with the two major Canadian credit reporting agencies (Equifax and TransUnion) and visit the Consumer Protection BC  website for more information on the steps you should take.

Equifax Canada Inc.
Toll-free: 1-800-465-7166

TransUnion of Canada
Toll-free: 1-800-663-9980

Consumer Protection Information

Consumer Protection BC works with both consumers and sellers to help regulate the marketplace solve any issues that might arise, investigate complaints and enforce legislation.

For all the information you need on consumer issues in the city of Vancouver contact Consumer Protection BC.

Consumer Protection BC
#307-3450 Uptown Blvd
PO Box 9244
Victoria, British Columbia V8W 9J2
Telephone: 604-320-1667
Toll Free:

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