Victoria sees a more than 40-year high in housing starts in 2018, CMHC says

Dated: January 12 2019

Views: 39

Victoria sees a more than 40-year high in housing starts in 2018, CMHC says

The Canada Mortgage and Housing Corporation says Victoria had the highest amount of housing starts recorded in the region since 1976. File photo.
The Canada Mortgage and Housing Corporation says Victoria had the highest amount of housing starts recorded in the region since 1976. File photo.

Victoria had the highest amount of housing starts recorded in the region since 1976, according to December data from the Canada Mortgage and Housing Corporation (CMHC).

The housing starts report says of the 4,273 total homes that began construction in Greater Victoria, ground broke on more than 3,000 apartments in 2018, with more than 700 in December alone.

The number of apartment starts jumped nearly 20 per cent compared to 2017.

“Rental units were half of all housing starts in 2018 in response to heightened rental demand and low vacancy rates,” CMHC market analyst Braden Batch said.

Langford, View Royal, Colwood and Sooke set the pace for housing starts in the region, accounting for 60 per cent of total starts in 2018.

Those communities also made up 65 per cent of total single dwelling starts.

In other Greater Victoria regions, there were 702 housing starts in 2018 in Saanich and Central Saanich, 197 between North Saanich and Sidney, 84 starts in Oak Bay and 43 in Esquimalt.

The CMHC December report shows housing trends varied across the Island.

The CMHC says Courtenay saw a ‘large increase’ in new builds from the previous year, with the majority of the increases being apartments.

In 2018, there was 239 apartment starts in Courtenay, compared to just 33 the year before.

Apartment builds also helped Duncan to a significant yearly increase in starts, with 131 apartment builds getting underway in 2018 compared to 30 the year before.

Duncan saw total housing starts increase more than 60 per cent last year.

On Salt Spring Island, single home starts accounted for all housing starts with 62, compared to 35 total starts in 2017.

Nanaimo saw an overall decline in housing starts last month and in 2018, dropping by more than 50 per cent compared to December 2017 and by nearly 16 per cent for the year.

Parksville also saw a decline in 2018 compared to the year before, with 190 starts last year compared to 211 in 2017.

Of the 72 apartments that broke ground in Parksville, 64 of those came in the final quarter.

Housing starts were down in Port Alberni for the year by nearly 30 per cent and there was a nearly 15 per cent decline in starts last year in Campbell River compared to the previous year.

CMHC says housing starts declined nationally in December for the fifth time in the last six months and the yearly figure dropped compared to 2017 as single-detached starts offset a slight increase in multi-family homes.

Blog author image

Steven Axford

Steve Axford grew up in Victoria, BC and has always been active in his community. Steve is a Victoria Cougars Hockey Team alumni as well as a Victoria Shamrocks (intermediate) alumni. During his time....

Latest Blog Posts

Choosing Flooring: 6 Things You Need to Know

When it comes to choosing new flooring for your home or apartment, the options can be overwhelming. Almost every type of flooring has some sort of advantage over other kinds, and taking in all the

Read More

Consumer interest in homeownership in Victoria unwavering over course of pandemic

A total of 989 properties sold in the Victoria Real Estate Board region this September, 60.6 per cent more than the 616 properties sold in September 2019 and 1 per cent more than the previous month

Read More

Understanding Canada’s Record Home Sales Last Month, And Why It’s Likely To Continue

Canada’s late Spring real estate market continues, but some of the pent-up demand has caught up. Canadian Real Estate Association (CREA) data show a new all-time record for August

Read More

Victoria real estate market experiences an active summer

A total of 979 properties sold in the Victoria Real Estate Board region this August, 48.1 per cent more than the 661 properties sold in August 2019 and exactly the same total as the previous month

Read More