Downtown Victoria’s housing stock is expected to grow by just under 300 to nearly 800 purpose-built market rental units in 2025, depending on changing completion timelines for several developments currently underway.

 

The estimate comes via Citified's construction activity monitoring for Greater Victoria, and is comprised solely of privately-built inventory as no government-backed projects are currently under construction in the city centre.

 

 

On-track for a 2025 occupancy barring major unforeseen circumstances are two projects, one rising to 15 storeys with 121 apartments along the 900-block of Pandora Avenue at Vancouver Street, and the other a six-storey complex with 162 rental homes on Vancouver Street at View Street. The duo will collectively add 283 residences and just over 3,000 square feet of new retail space (in the podium of the Pandora Avenue tower).

 

Also in the running for occupancy this year are three other rental projects, which could welcome residents by late fall or push move-ins to 2026. 500 units are split between a 103-unit redevelopment of the Wellburn’s Market building on Pandora Avenue at Cook Street, an 11-storey tower in the 800-block of Fort Street with 119 units, and with the largest infusion of new homes between all soon-to-finish developments, a 278-unit, five-storey redevelopment of half a city block between Chatham and Fisgard streets at Government Street.

 

On the condominium front, there are currently no ownership opportunities underway or expected to begin construction in 2025 anywhere in the downtown core or its immediate periphery, as far as medium or large-scale construction is concerned.

 

 

In 2024, Victoria’s downtown saw two rental projects complete, both on Johnson Street (known as Wedge and Skinny) and both from developer Cox Developments, delivering a total of 130 units. On the border of downtown Victoria with Fernwood (on the Fernwood side), Chard Development reached occupancy for its two-building Nest and Haven condominium pre-sales (now selling a handful of remaining units) between the 1100 blocks of Yates and Johnson Streets, totalling 211 suites, and bringing the downtown area’s new housing total to 341 units for the year.

 

Meanwhile, construction continues at Telus Ocean, a 10-storey, some 160,000 square foot office building on Douglas Street at Humboldt Street. The major investment into downtown's retail and office markets is the first such project since the 13-storey 750 Pandora Avenue office tower completed in 2018 near city hall. Telus Ocean is expected to welcome tenants in 2026. C

 

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