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Langford Leads in Housing – Rental the Largest Driver

CMHC reports: “Langford led the metro Victoria housing starts in May with an uptick in condo construction. Overall, the trend in total housing starts increased 6% from the previous month and year-to-date (YTD) total starts were up 34%. Rental construction remains the largest driver of housing starts in the Metro area, while single-detached units are down 15% YTD.”

We have written before about Langford leading in energy efficient and housing affordability, while municipalities like Victoria and Saanich continue adding costs through obstructive development permit processes and over-regulation. A recent study shows their councils are adding a quarter million dollars to the cost of new homes, while claiming to support affordability. Read our column here.  

Supply is insufficient to meet demand due to a predictable large generation of milllennials getting traction in the economy.  Read our column about Boom, Bust & Echo. 

In the meantime, the NDP government, supported by the BC Green Party, continue to engage in mis-named policies like the Speculation Tax and School Tax treating housing as a cash machine rather than addressing the underlying issue of a lack of regional planning and zoning for urban areas while housing growth is limited by a regional ALR. Read our column on this subject. 

Also, the NDP government recently empowered municipalities to arbitrarily zone lots for mandatory rental – but why when rental is the largest driver of housing starts?

It’s all politics.

Read CMHC’s news release here.

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