Migration outpaces housing in Greater Victoria

A report by the Chartered Professional Accountants of BC has confirmed expectations that people are moving to Greater Victoria faster than homes can be built for them. Our region added 5,941 residents in 2021 bringing our regional population to 432,062. Going back five years, Greater Victoria has added 31,500 people. And, although 16,942 housing units have been completed in that time, they have not met the demands of the market.
 
“Across the region, there has been strong housing construction activity. However, developments have typically been smaller attached units replacing older stock, with limited mid-sized units,” said Chamber Governor Lindalee Brougham, President of LL Brougham Inc. “The strongest demand has been for larger units, which has put significant pressure on housing prices for family homes.”
 
All of the region's growth is coming from migration as people move here from other parts of Canada. Greater Victoria's natural growth remains negative as fewer babies are being born here compared to the number of residents dying.

Read the Report: BC Check-Up 2022