Housing starts in Greater Victoria hit 41-year high: CMHC

Housing starts in Greater Victoria hit 41-year high: CMHC

File photo.

There were 3,862 housing starts in Greater Victoria – the highest number in four decades.

According to the Canada Mortgage and Housing Corporation (CMHC), there were 929 more housing starts in Victoria in 2017 compared to the year before. Of the 3,862 housing starts, 2,966 were apartments and condos.  Only 896 of last year’s housing starts were for single-family detached homes.

Victoria Housing Starts in December 2015 to December 2017. Credit CMHC

“Metro Victoria finished 2017 with historically high housing starts. Multi-family structures were the majority of housing starts, with elevated rental market starts pushing the total starts to its highest level since 1976,” Braden Batch, a CMHC Market Analyst, said in a statement.

“December of 2017 reflects this trend, with a 70 per cent increase in multi-family starts over compared to the previous year. Metro Victoria’s housing market exhibited strong price growth and overheated market conditions throughout the year, providing a strong incentive for the city’s homebuilders and developers to initiate projects.”

The highest number of starts in the Greater Victoria area were in the City of Victoria at 979. Langford came in second with 963 housing starts, followed by Saanich at 625 and View Royal at 280.

Victoria Housing Starts in December 2017. Credit CMHC

Across Canada, total urban starts were up 6.2 per cent from 2016 as developers continued to build condos and apartments. However, Canadian housing starts fell in December at 216,980 units, down from 251,675 units in November.

B.C. Housing Starts December 2017. Credit CMHC

Correction: An earlier version of this story incorrectly stated that there were 3,892 housing starts instead of 3,862.


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