Greater Victoria Purpose-Built Rental Development Update

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research article

Historical vacancy levels over the last 6 consecutive years for the purpose-built rental sector have languished at below 2%. The development community has stepped up efforts to deliver new rental product to the market however, population growth remains strong for the Capital Regional District demanding increases in rental product. There are major impediments confronting the delivery of new rental units in Greater Victoria including municipal constraints, rising costs, and restrictions regarding ambitious demands for affordable units. 

  • Langford continues to be a solution to the high levels of demand with an encouraging environment for development comprising of 57% of total rental starts within Greater Victoria.
  • It is estimated that the total number of purpose-built rental units in the proposed, approval or construction stage within Greater Victoria is 9,209 units, with 33% anticipated to be delivered to the market within the next 12 to 24 month period.

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Greater Victoria Purpose-Built Rental Development Update

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Tyler Dolan

Managing Director, Vancouver Island

Victoria

As Managing Director, Tyler is responsible for execution of Colliers business strategy on Vancouver Island.  Tyler has and has been active in the commercial real estate industry since 2001, and spent the majority of his career in both real estate and commercial finance with major financial institutions. In May 2018, Tyler assumed the role of Managing Director for the Colliers Vancouver Island office.

Tyler's priorities include business development, employee engagement, professional development, recruiting, financial management and performance, market identity and public relations. Tyler also takes an active role to ensure that all services offered by Colliers are offered to our clients.

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Sim Waraich

Research Coordinator

Victoria

Sim graduated from the University of Victoria with a Bachelor of Commerce with a focus in Finance and Accounting. Prior experience includes working with Colliers in the Valuation and Advisory Services department in 2017. In 2018 Sim worked with the  British Columbia Investment Management Corporation  with the Investment Valuation team. 

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