Two years ago I compared the appreciation rates of the major markets across the country to Victoria’s since 2008. At the time we were just shy of the worst market in the country. Only Edmonton was weaker, and they were headed up while we were headed down.
In the meantime many things have happened. The market here picked up, and oil has gone from something worth steaming out of a bunch of sand to something not worth bending down for. And the result is.. a whole lot of no change. We are still the second weakest market in the country over the last 7 years. It does seem imminent that we will overtake Calgary soon though.