Menu Filter

Victoria Policy Adds Costs, Erodes Confidence

Victoria council is considering a policy where 30% of new strata units must meet the city’s affordability criteria. The Times Colonist reports, “It’s a number that far exceeds the 10% affordable in large projects recommended by staff and one that even the city’s own consultant said would see development in the city grind to a […]

Read more →

Report Reveals Unintended Consequences in BC Step Code: Higher Costs In Some Municipalties

At a National Building Code meeting last week, a presentation by Natural Resources Canada (NRCan) revealed the BC Step Code metrics and targets result in higher costs to build in some municipalities over others despite having similar climates. This has been covered in Canadian Contractor Magazine.  The NRCan report says “Near the boundaries of climate […]

Read more →

Growing Population Needs Housing Supply

To understand rising home prices, a review of economic and population growth is necessary. Significant leaps in home prices are often preceded by several years of stagnation. From 1995 to 2000, single detached home prices in Greater Victoria stagnated due to a poor economy and slow population growth. As economic conditions improved and population increased, […]

Read more →

Proposed Saanich Housing Forum

Update: The housing forum appears to be postponed due to city hall dysfunction, not an unusal occurrence in Saanich. Read Saanich News story.   The District of Saanich is planning a Housing Forum on Saturday May 4, 10 am to 3 pm at the Garth Home Centre, 813 Darwin Ave. Participants include “members of Council, community […]

Read more →

Millennials Need Effective Measures for Housing

The federal government has announced new initiatives to address housing affordability. These include a program called the First Time Home Buyer Incentive which provides a CMHC equity loan to first time buyers earning less than $120,000 annually. Still to be answered are questions about how CMHC will participate as an equity partner in the home […]

Read more →

Canadian Govt Introduces New Home Buyer Program

The federal government has introduced a new program called the First Time Home Buyer Incentive which provides a loan subsidy to first time buyers earning less than $120,000 annually. Details of the new program are here. Here is a news story on the program. How effective will it be? Let’s be clear. Unaffordability is due […]

Read more →

2019 CARE Awards – Call for Entry Launched

The Victoria Residential Builders Association has announced the Call for Entry for the 2019 Construction Achievements and Renovations of Excellence (CARE) Awards of Vancouver Island. The CARE Awards is the premier industry event celebrating Canada’s leaders in sustainable West Coast design and construction. This is a members-only competition. Industry professionals interested in entering the CARE […]

Read more →

More New Rentals in Langford Than Entire CRD

According to CMHC’s latest report, housing starts in January & February 2019 have increased 39% over last year from 411 to 572 year-to-date. On a cautionary note, single detached represented only 12% of the total or 71 new homes. This is a decline of 32% from the 105 homes built in 2018. Single detached may […]

Read more →

Home is Where Victoria’s Cherry Trees Are

Victoria’s famous cherry trees made headlines last week but not for their blossoms.  Councillor Geoff Young expressed concern that council was on a path to replace Victoria’s famous trees with species more common to the region. After experiencing significant public outcry, council moved to clarify their position, and write to the Victoria Nikkei Cultural Society […]

Read more →

Even Affordable Homes Require Jobs

Housing prices are linked to a province’s economy and specifically employment. BC has the lowest unemployment rate in Canada at 4.4%. We also have the highest average home price at $665,000. The lowest home prices are in the Atlantic provinces averaging $162,000 in New Brunswick to $250,000 in Newfoundland. Why are their prices so low? […]

Read more →

Join the Victoria Residential Builders Association – Sign up to become a member