More than 2,100 units of purpose-built rental homes reached occupancy in 2024 across 25 projects throughout Victoria’s Capital Region, according to Citified’s construction activity tracking of large-scale real-estate development.

 

In terms of a rental unit tally, the City of Victoria took first place for the year. Per-capita, the District of Sooke delivered the most rental housing, based on the most recent federal population census.

 

In the City of Victoria, 11 developments completed in 2024, delivering a total of 879 units in a mix of market, affordable, subsidized and low-barrier homes, representing more than 40% of the region's net new rental housing. Market rentals, or those without government subsidies, accounted for two-thirds of the year’s new units.

 

The runner-up was Esquimalt, with 272 apartments in three projects. 137 homes were in The Lions at Fleming, a social housing redevelopment of a 77-unit seniors lodge, yielding 60 net suites to the municipality, and leading to half of the year’s total new inventory as social housing.

 

In third place was the City of Langford, adding 268 rental units across three projects (with nearly 20% as affordable units), followed closely by Sooke, with 247 homes across two projects, of which 170 units (or 69%) were affordable. Sooke's rental boost positioned the district as 2024's largest per-capita contributor of rental homes in the Capital Region.

 

Saanich saw only 199 units complete in 2024 over two projects, which for the largest municipality on Vancouver Island, represented a slow year for rental housing. 97 homes that completed in Saanich were social housing units for seniors that replaced 29 older homes, netting 68 apartments.

 

View Royal saw the completion of two buildings at a four-building development that should reach full completion in 2025, and deliver 336 market rental homes. 2024’s completion, therefore, yielded approximately 168 units.

 

Despite Colwood’s rapid growth and active new housing inventory, only 80 purpose-built rental homes were added to its housing stock in 2024, in one market project at the city’s Royal Bay community.

 

And finally, Oak Bay added six purpose-built rentals in a small mixed-use project on St. Patrick Street that also includes a commercial component.

 

No purpose-built rental housing in large-scale developments was completed in Metchosin, North Saanich, Central Saanich, Sidney or Highlands.

 

Due to the nature of occupancy permits and delays in leasing programs, the data referenced above may not capture projects that received occupancy in late 2024, but are not scheduled for move-ins until mid or late winter, 2025. Any such projects will be captured by Citified as 2025 completions. The data also captures only large-scaled developments, not including small multi-plexes, secondary suites, garden suites, or single-family-dwelling conversions.

 

According to Citified’s construction tracking, at-present there are approximately 6,600 units of purpose-built rental homes underway throughout metropolitan Victoria, at just over 40 construction sites. This includes a mix of affordable, supportive, and market homes. In spring of 2017, 1,600 units of rental housing were under construction in the Capital. By spring of 2023, that figure rose to 5,000 units.

 

The Canada Mortgage and Housing Corporation, meanwhile, says Greater Victoria's rental vacancy rate has increased to 2.6% this fall, the highest in many years. C

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