While it's true that salaries are by default depressed, anyone who's a pretty good hustler should be able to at least get within 5% of Vancouver. The real problem is that you're competing with all the kids who get out of UVic, don't want to leave the island, and are willing to work for peanuts.

On the other hand, if you're a high level/senior marketing, sales, or developer, there are opportunities at more reasonable pay levels - assuming you can find a position (it is after all, a relatively small community, and senior spots don't crop up all that often). One of the primary annoyances is that http://www.viatec.ca/ (the local tech community group) is kinda worthless for finding work - or for that matter, for finding talent when you're hiring. My experience is that hiring tends to be by word of mouth or via recruiter. Two of my last three Victoria jobs have been through recruiters, one was through word of mouth, all were reasonably well paid (at least as well as I did in Vancouver). There are strangely a fair number of startups, mostly in the mobile advertising and sem/seo space - and all the regular caveats about working for startups and startup wages apply as they do anywhere else.

Since I'm a developer, I mostly keep an eye on who's hiring in that space. Amongst non-startups, you might try perforce (I know they were looking for a front end guy, they might not be any more), neverblue (definitely looking to hire a couple of intermediate devs, probably a front end person too if the right one came along), and abe books.

Hope that helps.