We stayed a few nights in Victoria a few months ago, at the James Bay Inn, which cost around 60CAD per night, though I think August will be in the peak season, so probably higher than that. Their website will tell you: http://jamesbayinn.bc.ca/

Only a minute or so to the harbour, nice quiet part of town, and a bit old-fashioned - in fact has quite a history - which is what we like anyway. They have free internet, and the attached restaurant is not expensive, though there are lots of good eateries in Victoria, which need not be expensive.

Of course, you COULD stay at the Fairmont!!!

Paul in sunny (though cooling) Sydney