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Victoria Housing Starts on Track for Exceptional Year

CMHC’s latest housing starts indicate Victoria is on track for an exceptional year and will likely post the strongest starts since before the global crash in 2008/09.

Housing starts are at 2,519 with two months remaining in the year. In 2006, starts totaled 2,739 – the strongest since 1989. In that year, housing starts were 3,247.

CMHC also reports that two municipalities – Langford and Saanich made up 65% of the starts for the month. Add Victoria to the year-to-date starts, and those three municipalities comprise 80% of the housing starts in the CRD. Three out of thirteen municipalities are accommodating the population growth in our region, which will lead to rising prices as demonstrated in Vancouver and Toronto. This will continue as long as the regional growth strategy discourages rezoning and redevelopment, as we discuss here. 

Victoria’s report is here.

BC’s report is here.

 

 

 

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