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.
