Victoria’s charm isn’t just in its ocean views, historic neighbourhoods, and mild climate—it’s also in the opportunities it offers for homeowners to make their property work for them. If you own a single-family home in Greater Victoria, there are creative and practical ways to generate extra income without selling your property.
1. Add a Legal Secondary Suite
A popular choice for many homeowners in Victoria is creating a secondary suite—often a basement or garden-level apartment.
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Why it works in Victoria: The city’s rental market is in high demand, especially with university students, healthcare workers, and retirees downsizing.
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What to know: You’ll need to follow the City of Victoria’s zoning bylaws and obtain the proper permits to ensure the suite is legal and up to building code. The bonus? Many municipalities offer incentives for adding legal rental housing.
2. Offer Short-Term Rentals
Tourism is a big part of Victoria’s economy, and short-term rentals (like Airbnb or VRBO) can be a profitable option.
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Best suited for: Spare bedrooms, basement suites, or a laneway home.
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Things to consider: The City of Victoria requires short-term rental operators to have a business licence, and rules differ depending on whether you live in the home. Neighbourhoods like James Bay, Fairfield, and Fernwood are especially popular with visitors.
3. Host International Students
Victoria attracts students from all over the world, thanks to schools like the University of Victoria, Camosun College, and various language institutes.
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What you do: Provide a furnished bedroom, meals (optional but common), and a welcoming environment.
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Why it’s great: Hosting is usually long-term for a semester or school year, and many programs pay host families monthly.
4. Rent Out Parking Space or Storage
In areas like Downtown, James Bay, or near Royal Jubilee Hospital, parking is at a premium.
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Extra space idea: If you have an unused garage, driveway, or even backyard shed, you can rent it for vehicle or storage purposes.
5. Build a Garden Suite (Laneway House)
Garden suites—also called laneway or carriage homes—are self-contained small dwellings built in your backyard.
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Why it’s appealing in Victoria: The city has been encouraging more gentle density, and garden suites can significantly boost property value.
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Income potential: These can be rented long-term or used for family while renting out your main home.
6. Film Location Rentals
Victoria’s mix of heritage homes, seaside streets, and lush gardens make it a popular backdrop for movies and commercials.
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How to start: Register your home with the Victoria Film Commission to get on their radar for location scouts.
Your single-family home in Victoria isn’t just a place to live—it can be a valuable asset that supports your financial goals. Whether you choose to rent out a suite, host travelers, or get creative with space, the key is to stay compliant with local bylaws and choose the strategy that best fits your lifestyle.
Pro tip: Before you start, talk to your municipality’s planning department or a local real estate expert to understand zoning rules, permits, and insurance needs.
