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Record Sales Boost Housing Starts in Victoria

March 2016 was a record for housing sales in Greater Victoria. So it comes as no surprise that housing starts jumped considerably for both single detached and multi-family.  A total of 1,121 properties sold last month and the previous record of 1,083 sales was set in May 1991. Read this Times Colonist story.

CMHC reports 88 single detached homes were started, up from 57 in March last year and 146 multi-family units were started,  up from 62 last year. The total number of starts is 234, a 96% increase from 119 in March 2015.

You can read CMHC’s report here. Langford continues to significantly lead the way for development in our region. The report for all of BC is here.

As prices increase, the biggest concern is affordability, which often requires multi-family zoning to defray the costs.

The CMHC report shows zero multi-family projects in communities like Oak Bay and North Saanich during the past two years, which coincidentally have had declining populations from 2011 to 2015.

Rezoning for multi-family projects in these communities should be encouraged to promote greater affordability and to ensure a strong taxpayer base to pay for infrastructure and services.

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