CMHC has released the housing market assessment for Greater Victoria available here, which says:

  • Overall, the framework indicates strong evidence of problematic housing market conditions in the Victoria CMA1 . „
  • Overvaluation was detected in the Victoria CMA as price growth for housing outpaced fundamentals. „
  • A persistent low supply of homes in the market and elevated sales led to overheating in the market. „
  • With an overheated market, price growth accelerated. „
  • Due to low supply, there was weak evidence of overbuilding.

VRBA has outlined the challenges to supply including:

CRD’s new Regional Growth Strategy, which obstructs development –

Saanich’s EDPA which obstructs housing in areas identified for housing –

Rising municipal fees charged to develop new housing –

The province’s proposed Step Code will far surpass the HST for adding costs to new homes  –

The Best Practice Guides developed by the BC govt are not enforced and actually often undermine housing affordability –

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