Victoria is on its largest construction boom in many decades. Driving around town you will be sure to see many active construction sites, cranes, and empty properties waiting for rezoning. To get a sense of the scale of supply coming to market, I have attached a comprehensive list of multi-family development (condo, rental, low-income, senior, etc) in the Victoria Core courtesy of Yellow Sheet Analytics.
Highlights of CRD core* (Sept 2016 – Aug 2017):
- 3,753 units at City Hall seeking approvals
- 2,809 units actively under construction
- 1,263 units completed construction phase
*CRD core includes Victoria, Esquimalt, Oak Bay, Saanich
Much of the development is currently focused on purpose-built rental. However, we may experience a large shift in projects that are under-construction or initial planning as ‘purpose built rental’ to change its end user to ‘stratified for-sale condominiums’ due to rent-control expansion by BC’s new NDP government. A similar shift has been seen in Ontario where rental buildings transitioned to for-sale condos because of strict government controls on landlords. Further intervention into the rental market will have the unintended consequence of limiting the supply of new rental housing, only exaggerating the existing rental crisis in markets like Toronto, Vancouver, and Victoria.
For a list of all projects grouped by their current stage as of Aug 31, 2017 contact Dustin Miller.