Back in 2015, Maclean's put together a fun piece on what you could buy (single family detached or half-duplex) across the country, closest to downtown, for the average price Canada-wide at the time of $448,862.
The updated Canadian Real Estate Association (CREA) overall average resale home price for June 2018 is:
Averages like these are pretty meaningless. When it comes to getting meaning out of stats, the key is--disaggregate, disaggregate, disaggregate!
Just for fun, though, here's what's on the market right now close to downtown Victoria for $495-500K: 8 condos and 1 townhouse. Let me know if you'd like to see these or any others!