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Greater Victoria Purpose-Built Rental Development Update

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research article
By Sim Waraich

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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For More Information, Please Contact:
Tyler Dolan | Colliers | Victoria

Tyler Dolan

Managing Director, Vancouver Island and Okanagan

Victoria

+1 250 414 8388
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yler Dolan is the Managing Director, Vancouver Island and Okanagan responsible for the execution of Colliers business strategy in the region. He is also the National Debt Advisory Lead for Canada.

Tyler 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.

Tyler joined Colliers’ Leadership Team in May 2018 working with advisors and operations staff on the success of their clients’ real estate needs. His priorities include business development, employee engagement, professional development, recruiting, market identity, financial management and performance.

Tyler is an alumnus of Royal Roads University with a Bachelor of Commerce, Camosun College with a Diploma in Business Administration, and UBC Sauder School of Business in Mortgage Brokerage Brokerage and Real Estate Trading Services in British Columbia.

Tyler is a past Board Member of the Downtown Victoria Business Association, Peninsula Minor Hockey Association, the Urban Development Institute, and the Victoria Brain Injury Society.

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