The number of housing units that started construction across Greater Victoria declined by 12.4 per cent in 2020 compared to the number started in 2019, according to a new report. (Black Press Media File)

The number of housing units that started construction across Greater Victoria declined by 12.4 per cent in 2020 compared to the number started in 2019, according to a new report. (Black Press Media File)

New report finds residential development in Greater Victoria ‘resilient’

New construction starts drop 12.4 per cent in 2020 compared to 2019

The number of housing units that started construction across Greater Victoria declined by 12.4 per cent in 2020 compared to the number started in 2019, according to a new report.

BC Check-Up: Invest, an annual report by the Chartered Professional Accountants of British Columbia (CPABC) on investment trends across the province, finds 3,209 housing units began construction in 2020, down from 3,662 units started in 2019.

Lindalee Brougham, principal at Grant Thornton, said it was not a big surprise to see residential development in Victoria slow down after flourishing in recent years against the backdrop of the COVID-19 pandemic.

“However, the decline remains well below the provincial average of 18.3 per cent and indicates that Greater Victoria has been relatively resilient,” said Brougham.

RELATED: B.C. unemployment rate climbs as COVID-19 drags on

RELATED: Oak Bay nears regulation of secondary suites

While new starts for attached units such as condos, apartments, and townhomes dropping 17.8 per cent in 2020 compared to 2019, the number of new starts for detached units rose 9.1 per cent.

Before the pandemic, new starts for attached units such as condos rose, while detached units lagged behind, said Brougham. “The pandemic reversed this trend,” she said. “This coincides with surging homebuyer demand and prices for detached units witnessed in recent months. How these trends adapt in 2021 will be an important investment trend to follow.”

Brougham said major capital investment will help repair the economic damage resulting from the 2020 recession. “Greater Victoria should actively encourage and invest into developments that enhance our recovery, build important infrastructure, and improve housing affordability,” she said.


Do you have a story tip? Email: vnc.editorial@blackpress.ca.

Follow us on Twitter and Instagram, and like us on Facebook.

wolfgang.depner@peninsulanewsreview.com

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

A survey by Statistics Canada finds Black Canadians earn less than non-visible minority Canadians despite having higher levels of education. (The Canadian Press file photo)
COVID-19 worsened unemployment picture for Black Canadians

Black Canadians also more likely to suffer other hardships

This photo of Cheryl-Lynn Townsin and her daughter, Lexi, is part of Townsin’s documentary, RARE HUMANS - Turning Hope into Action, her capstone project for her graduate degree from Royal Roads University. (Photo courtesy of Cheryl-Lynn Townsin)
Greater Victoria mother’s grief fuels documentary of ‘Turning Hope into Action’

Lexi, 6, died in 2019 from Blau Syndrome and is among the children documented

This dead fir tree is one of many in Mount Douglas Park. Nine dead trees will be removed from the Douglas Creek site starting March 8 to make way for the construction of a new pedestrian bridge. (Photo courtesy Jason Clarke)
Nine dead, hazardous trees to be removed from Saanich park ahead of bridge construction

Felling begins March 8, minor trail interruptions expected in Mount Douglas Park

The application proposing to rezone Western Speedway was passed by Langford’s planning, zoning and affordable housing committee Feb 8. A petition has since been started by residents of Trudie Terrace, hoping to stop the proposed residential portion of the development plan. (CBRE Victoria)
Petition opposing Western Speedway development proposal gains steam

Save Thetis Heights Neighborhood petition aims to stop extension of Trudie Terrace

Activists from the Fairy Creek Blockades hold the injunction application notice which was submitted by logging company Teal Jones to the B.C. Supreme Court. The application, which asks to have blockaders removed from the sites that stop access to cut blocks, is set to be heard on March 4. (Photo contributed/Joshua Wright)
Activists hunker down to protect Fairy Creek near Port Renfrew from logging

Forest company Teal Cedar applies for injunction to remove seven-month-old blockades

Older rental apartments are prime candidates for renovations, and could result in lost affordable housing stock. (Zoë Ducklow photo)
B.C.’s renoviction overhaul a good start, but won’t preserve affordable stock, lawyer says

And still no protection for people who can’t pay rent due to COVID-19

(Photo by Marissa Baecker/Shoot the Breeze)
B.C. WHL teams to hit the ice with Kelowna, Kamloops hub cities

Kelowna, Kamloops centres chosen to host B.C. WHL teams for 24-game regular season

The victim of the homicide on Cowichan Lake Road early Monday morning was 17 years old, and was stabbed in the incident. (File photo)
Duncan homicide victim was 17 years old

RCMP report that teenager was stabbed

(File photo)
RCMP arrest man after report of gun-toting threat-maker near Parksville schools

43-year-old man taken into custody; students at nearby schools were asked to stay inside

The machines are akin to ATMs and allow drug users at risk of overdose to get hydromorphone pills dispensed to them after their palm has been scanned to identify its unique vein pattern. (CANADIAN PRESS)
Feds dole out $3.5M for ‘vending machines’ to dispense safer opioids in B.C.

The machines are located in four cities across Canada, including Vancouver and Victoria

Kelowna’s lakefront visitor centre is one of 130 around the province. Tourism businesses have been hardest hit by COVID-19 restrictions on travel. (Destination B.C.)
Tourism, small business getting COVID-19 help, B.C. minister says

$300M grant program has delivered $50 million so far

The incident happened in downtown Castlegar. Photo: Betsy Kline
Castlegar teen recounts stabbing after stranger breaks into grandmother’s house

The unnamed teen survived a terrifying attack Feb. 21

Most Read