Apartments, condominiums power region’s housing market: CMHC

Greater Victoria’s strong housing market continues to spur development, especially for rental apartments and condominiums.

“Housing starts in Metro Victoria appear to be moving in different directions with singledetached and apartment units diverging,” Braden Batch, Canada Mortgage and Housing Corp. senior market analyst, said Tuesday.

The total number of housing units — condos, apartments, townhomes and houses — started in the first three months of this year reached 715, up from 545 for the same months in 2017.

Multi-family units accounted for 560 homes, and there were 155 single-family houses.

As Greater Victoria’s housing prices climb, many buyers are looking to condominiums as a way to enter the housing market.

Last month saw 254 multifamily housing units started, up from 79 in February.

“Much like Vancouver, the trend away from single-detached homes toward apartment and condominium construction is very pronounced,” Batch said.

Greater Victoria’s total multifamily starts for January through March reached 560, versus 317 for the same months in 2017.

The number of single-family houses started dropped to 50 in March, from 81 in February, the federal agency’s new housing report said.

Single-family home construction for the first three months of this year, slid to 155, from 228 for the same months in 2017.

One of the drivers in the singlefamily market is a shortage of houses for sale. “Inventory in single-detached units has shown signs of accumulation, but remains below average,” Batch said in a statement.

Langford, the hub of housing construction for several years, led the region with 246 starts for the first three months of this year. Saanich followed with 201 and Colwood with 102.