“Metro Victoria housing starts reached mid-year 45% ahead of 2017 levels, driven by substantially higher multi starts. Rental starts were double the rate seen in the first half of 2017 in response to low vacancy rates. Elsewhere, relatively more affordable housing types dominated construction. Condo construction was nearly 60% higher due to the relative affordability of condos over single detached units, which were down 15%. The generally lower average prices in Langford coincided with 44% of all construction in the metro area. Ground-oriented, freehold multi-unit construction was also up 41%, pointing to densification.”
Langford is at 782 starts vs 524 starts this time last year. City of Victoria starts have declined from 116 to 76 however this may be a timing issue. The numbers will often jump in a month with one or two large multi-family projects.
It’s important to monitor the decline in single family starts – an important product for young families. As costs rise, small lots become more critical for affordability.