HOUSING
Having safe and accessible housing people can afford is a basic need that contributes significantly to quality of life.
HOUSING SALES AND PRICES
Properties sold in Greater Victoria in May 2024
763 DOWN 1.5% FROM MAY 2023
The ratio of residential sales to active residential listings was 28% in May 2024, making Greater Victoria a seller’s market, with upward pressure on prices reflecting growing demand coupled with ongoing lack of inventory.
Median sale prices in May 2024
SINGLE-FAMILY HOME
$1191000
up 1% from $1,174,950 in 2023
TOWNHOUSES
$789574
up 1% from $785,000 in 2023
CONDOS
$547450
down 2% from $560,000 in 2023
May is typically when Greater Victoria is at or near peak of activity in the property market.
SOURCE: VICTORIA REAL ESTATE BOARD
RENTS AND RENTAL VACANCY
In Greater Victoria in October 2023
Average vacancy rates for purpose-built rental apartments (i.e., units built as long-term rental housing)
ALL UNIT TYPES 1.6% similar to 2022 (1.5%)
HIGHEST VACANCY RATE1.6% 2 bedroom units
LOWEST VACANCY RATE1.1%3+ bedroom units
AVERAGE APARTMENT RENTS
ALL UNIT TYPES $1,571
up from 7.8% from $1,467 in 2022
BACHELOR $1,222
3+ BEDROOM $2,123
The supply of purpose-built rentals in the region grew by 1,490 units in 2023, compared to 1,328 units in 2022, with most of the new supply in Victoria and the Westshore in 2023.
SOURCE: CANADA MORTGAGE AND HOUSING CORPORATION
A person working 35 hours a week at BC’s minimum hourly wage of $17.40 would need to spend 46% of their gross monthly income to rent a bachelor apartment ($1,222) in Greater Victoria, based on 52 weeks per year
54 HOURS per week at minimum wage is required to affordably rent this apartment (i.e., spend no more than 30% of household income on rent).
SUSTAINABLE DEVELOPMENT TARGETS
11.1: Access to adequate, safe, and affordable housing for all
SENIOR RENTAL HOUSING PRECARITY
In the Capital Region in 2021
OF RENTERS WERE AGED 65 YEARS AND OLDER
APPROXIMATELY 53% of senior renters spent over 30% of their monthly income on rent and utilities, making their housing unaffordable and 21% spent over 50% of income on rent and utilities, putting them at heightened risk of homelessness.
These spending rates are higher than for BC senior renters (49% and 19% respectively) and highest among other age groups in the region, with renters, aged 15-29 years, close behind at 46% and 19% respectively.
SOURCE: BC NON-PROFIT HOUSING ASSOCIATION
HOUSING STARTS AND COMPLETIONS
Housing Starts in Greater Victoria in 2023
4992 TOTAL
up from 4,787 in 2022
4238Apartment and other unit types
385Single-detached units
303Row units
66Semi-detached
Housing Completions in Greater Victoria in 2023
4194 TOTAL
up from 2,758 in 2022
3210Apartment and other unit types
622Single-detached units
236Row units
126Semi-detached
SOURCE: CANADA MORTGAGE AND HOUSING CORPORATION
COMMUNITY IN FOCUS
BC MUNICIPAL HOUSING TARGETS
In 2023, the Province began setting five-year housing targets for priority municipalities across BC. Targets were established for Victoria, Saanich, and Oak Bay in 2023, and for Central Saanich, Colwood, Esquimalt, North Saanich, Sidney, and View Royal in 2024. Municipalities report progress at six months and then annually. At the six-month mark, Victoria had exceeded its year-one target, Saanich was close on the overall number, and Oak Bay was behind.
Contributing to the region’s targets, the University of Victoria has identified 50 acres for development, including the Ian Stewart Complex and Queenswood Campus in Saanich and the Cedar Hill Corner Property in Oak Bay. UVic will use these lands to build a connected community, deliver new housing, and diversify revenue.
SOURCE: PROVINCE OF BRITISH COLUMBIA AND UNIVERSITY OF VICTORIA