The latest report from the Canadian Mortgage and Housing Corporation shows an increase in new homes being built in Greater Victoria. That's good news, as The Chamber continues to advocate for changes to regulations and investment in strategies that increase housing supply. We need homes that are affordable to workers because Greater Victoria's employers desperately need employees.
CMHC numbers show housing starts in our region were up 32.6% year over year. There were 1,088 housing starts from January to March, compared to 820 starts for the same period in 2022. The report shows that most of the new starts are condos and apartments as fewer single detached homes are being built.
The City of Langford accounts for 537 of the new starts. The City of Victoria is home to 240 new starts and the Township of Esquimalt has 157.
It's too early to forecast whether the increase will be sustained over the course of the year, as high interest rates impact investment.
The report is also an indicator that some municipalities in our region are not creating their fair share of housing supply. Recent initiatives by the provincial government could help unlock potential housing in these areas.