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 single-detached 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 multi-family 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 multi-family 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 single-family 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.
