CMHC reports housing starts in Greater Victoria set a new record in 2021 posting 4,809 new homes vs 4,439 in 1976. Housing starts in 2021 were 50% higher than the 3,209 in 2020.
Langford accounted for about 36% of the new construction at 1,741, followed by Victoria at 1,204 units, mostly apartments/condos.
The vast majority of single family and “missing middle housing” (duplexes, townhomes) ideal for young families was also constructed in Langford at 491 units.
Ironically, despite all of the new units, our region is also setting records for low inventory and high prices. This is due to population growth which the BC government ignored, refusing to create responsible regional planning. Instead, they launched more taxes such as the Speculation Tax claiming it would create more housing affordability, which has been proven false. .
Housing prices have continued to rise, inventory has declined, and many of the region’s 13 municipallities have obstructed reasonable rezonings. For example, zoning for duplexes and secondary suites in Oak Bay continue to be illegal. In addition, housing starts in Saanich have dropped from 625 in 2017 to 376 in 2021, a decline of 40%.
The Highlands and Metchosin continue to obstruct rezonings, each adding under a dozen new homes to the CRD inventory annually. There are no purpose-built rental buildings in either municipality, according to recent Housing Needs reports.
Municipalities answer to the provincial govt, and while the BC govt has talked a big game about improving supply, so far their only effort has been to generate more revenue through taxation.
Housing affordability challenges will continue as long as the BC government continues its failed governance policy of municipal self-determination.