There aren't enough high paying jobs here. Which is why everyone leaves (or works remotely). I know nearly a dozen people who have moved away because of the culture and cost of living.
Victoria has a few main industries all extremely hostile to innovation, but do overpay unskilled workers - retirement (and trust fund kids), government, tourism, military(navy) and shipbuilding.
Edit: Victoria might be a great place to patio11 those industries with tools to service those businesses. But it wouldn't be the sort of place you'll grow the next Google,
Xerox Parc, Microsoft* or Facebook.
* Yes, I know Microsoft is setting up a games studio. They won't be doing engine development here though. Which is the point - we're a satellite office town at best.