The downtown Victoria skyline, as seen from Fairfield in June of 2023. The Capital Region's construction industry is actively building over 2,200 units of condominium inventory, with 473 of the homes concentrated in downtown Victoria. Citified.ca
Over 2,200 condominiums are under construction throughout Greater Victoria, in addition to 5,000 rentals
Mike Kozakowski, Citified.ca
Published June 6, 2023
Over 2,200 condominium residences are currently under construction throughout the Capital Region, according to Citified’s industry-wide tracking of south Island construction activity. The figure is in addition to over 5,000 units of purpose-built rental residences also underway from Sooke to Sidney, as reported by Citified last week.
By sub-region, the Capital’s urban core of Victoria (not including downtown Victoria), Saanich, Oak Bay, Esquimalt and eastern View Royal, has just under 1,000 units of condominiums in-the-making, while the downtown core specifically has an additional 473, bringing the core’s total to nearly 1,500 homes.
On the Saanich Peninsula only 125 units are actively being built, while on the West Shore 632 units are under construction.
The condominium market has pulled back from prior periods of construction activity due to the rising cost of homebuilding restricting purchasing power among homebuyers and investors, and steady demand for purpose-built rental units that can entice developers to deliver rentals in lieu of owner-occupied or investor-owned homes (as seen recently with the switch of a Langford condominium into rentals).
The active inventory is slated for occupancy starting this year and through 2025.
In the approvals pipeline are over 6,500 units of homes designated as condominium housing by proponents, with either a proposed status (actively seeking municipal approval) or an approved status with inventory in pre-sales or awaiting the launch of pre-sales. As mentioned above, however, a project’s designation as a condominium can shift in favour of rentals.
By sub-region, nearly 500 units are currently planned for downtown Victoria, with an additional 3,100 planned throughout the urban core. On the Saanich Peninsula, developers are proposing fewer than 250 units, and approximately 2,750 units are in the pipeline on the West Shore.
As per Citified's analysis of current rental construction activity, the ratio of upcoming rental homes to condominiums is roughly 2.25-to-1. C
Media note: to arrange a media interview with Citified's Mike Kozakowski to discuss the region's supply of condominium housing, please contact us.
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