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 – https://www.vrba.ca/rgs-incompatible-housing-affordability/

Saanich’s EDPA which obstructs housing in areas identified for housing – https://www.vrba.ca/protect-housing-in-urban-containment-areas-2/

Rising municipal fees charged to develop new housing – https://www.vrba.ca/housing-affordability-undermined-dccs/

The province’s proposed Step Code will far surpass the HST for adding costs to new homes  – https://www.vrba.ca/step-code-step-public/

The Best Practice Guides developed by the BC govt are not enforced and actually often undermine housing affordability –   https://www.vrba.ca/practice-real-best-practice-bc/

For more info, contact www.vrba.ca