Some positives
Climate is good - nice summers that don't get too hot and mild winters - pretty much year round golf.
Great access to outdoors - good for hiking, fishing, camping, boating, sailing, water sports - great (seasonal) surfing not too far away in Jordan River. Skiing also not that far away on Mount Washington.
Very sports oriented - tons of sports for all age groups especially kids and seniors
Some areas like the West shore (Langford, Colwood, etc) are growing quickly and providing more housing and rental possibilities.
Some nice beach areas but far short of that found in Vancouver.
Lots of good bike access - seemingly have preference over cars
Once you get thru the Malahat section (which is supposedly being upgraded) Island Highway allows you to get up Island quickly
Some beautiful and well maintained parks in the area. Many variety of plants and flowers (some of it very unique to the area).
Lots of concern about the environment although sometimes carried to extremes.
People are friendly and helpful. Much more likely to give you a break in traffic or say hello to you. Still has a bit of a small town feel. Much better than a place like Vancouver in that aspect.
Lots of arts festivals and artists in the area and some real wild and popular weekend rock and country music festivals. I'd say country music is the most heard music around Victoria.
Lived in Vancouver and the metro area of Vancouver and in the Victoria area and the lifestyle is simply better in most areas of Victoria.
Negatives
Place is divided into a number of different local government (13 in all) and often little cooperation between them - act like medieval fiefdoms and NIMBY attitude is pervasive. (especially in Saanich) All movements toward a metro system are fought vigorously against by old guard. Really a dog in the manager attitude where older people have got a nice set up and don't want to share any of it with younger families.
Traffic is awful as result of system of governance and there are some unnecessarily bad traffic issues. (MacKenzie Interchange should help but will also lead to tie ups elsewhere). Parking in down town Victoria is brutal. Lack of concern for those who have to get back and forth to work is evident. But still have nothing like the problems found in Vancouver
Very left wing politically and kind of anti-development attitude is prevalent. In some cases justified but mostly overdone.
Downtown area of Victoria is not well maintained and there are many complaints about the dirty streets and sidewalks. Victoria city council is too concerned about global issues and not enough about the day to day management of the city. See lots of drifters and drug users on the streets which interfere with local businesses - a good example was the council support of the homeless encampment last summer that lasted months and ended up costing millions for local businesses and even more millions for the provincial government. Moreover, real bad stuff went went on pretty much unchecked in the camp.
House prices are rising and there is an overall lack of places to rent or buy. People increasing moving to the western burbs and even out to Sooke to get reasonably priced homes or accommodations.
Places like Langford are in a transitional stage from being rural to urban which increases construction and transportation problems. End up with a mixture of shabby older places and newer buildings.
Got to take a ferry to get to the mainland if you need to get over there.
Overall great place to live but need some sort of metro governing body to do better overall urban planning and to direct taxes money more efficiently and relieve some of the present hodge podge nature of place.