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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 be a more accurate reflection of the market’s declining sales since many of this year’s multi-family starts would have been in the pipeline the past couple of years.

Langford leads the entire CRD in building new rentals at 99. There were 68 rentals built in the rest of the CRD. Last year, 60% of new rentals were in Langford and the municipality appears to be continuing that trend. Rental is a big part of housing affordability, especially for millennials. The City of Victoria posted only 11 and the District of Saanich posted 14 year-to-date.

Elected officials in both municipalities campaigned on housing affordability in the last election, but have since only increased costs and regulatory hurdles.

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