The Canada Mortgage and Housing Corporation is forecasting Greater Victoria housing starts to “decline in 2022, strapped by capacity constraints, before moderating in 2024.”
CMHC’s Senior Analyst of Market Insights, Pershing Sun, said 2022 will be a moderating year in Greater Victoria’s housing market.
“Rising borrowing cost, affordability erosion, and constraints in construction will anchor sales and slow down price growth,” Sun said in a recent report. “Improved job market and migration inflow will drive rental demand over the next few years.”
The CMHC report said the market is expected to slow down after breaking records last year, with prices rising slower than the “frenzied pace in 2021.”
The Chamber has been calling on all levels of government to address obstacles hindering the construction of more homes. With builders operating at their slowest pace in the past 10 years, the industry needs more workers, improved supply chains and streamlined regulations to meet demand.