CMHC reports housing starts in Greater Victoria are up 32.6% year-to-date Jan to March 2023 at 1,088 units vs 2022 at 820 units.
March 2023 starts were 325 while only 121 last year. It is still too early to determine a trend, except that housing starts are still higher year-to-date over last year.
Year-to-date, large multi-family condos/apts are up 77% this year at 950 units, however, single detached homes are down 41% (82 units) and missing middle (townhomes, duplexes) are down 55% (56 units). Much of this would be the result of higher interest rates undermining affordability in housing that is more costly to build, and must command a higher price.
Langford leads in the CRD with 537 new homes, followed by Victoria at 240 and Esquimalt at 157. Sidney has zero new homes built so far this year, Saanich has declined 81%, and there is zero new missing middle housing in Central Saanich, Metchosin, North Saanich, Oak Bay, Saanich Victoria, and View Royal.
Many would be prime candidates for the new legislation planned by the province requiring missing middle housing.