According to CMHC, last year Greater Victoria posted the highest housing starts since 1976. Or should we say Langford…which contributed 40% of the 4,273 total and 60% of all new rentals. Starts increased in Langford while declining in Saanich and Victoria, both of which added more regulatory costs to building homes for the upcoming year. Much of it has to do with Langford’s reputation for permit efficiency and creative land use policies. The total starts surpass last year’s 3,862, however rising interest rates, mortgage stress test, and a tsunami of new taxes in BC will likely reduce the starts in 2019. Projects already in the pipeline are being completed, however new councils in municipalities like Victoria indicate slower devleopment processes and higher costs are in the offing. This could continue their declining supply numbers.
For more on Langford read https://www.vrba.ca/langford-housing-leadership-continues/