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Greater Victoria Purpose-Built Rental Pipeline 2022

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research article

The Greater Victoria purpose-built rental market had a record-breaking year in 2021. This was a result of high demand, stable returns, and low interest rates. With demand for housing at an all-time high across Canada, it is worth exploring the multifamily development pipeline in Greater Victoria.

  • There are currently 3,535 units under construction across the region, but only 63% of these will be typical market rentals.
  • The Urban Core and West Shore dominate in total units in the pipeline. Lagging begin in the Saanich Peninsula, with only 183 units under construction and 235 units approved.
  • There are currently 6,428 units with open rezoning applications across the region, and the majority of these are in the Urban Core.

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Greater Victoria Purpose-Built Rental Pipeline 2022

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Tyler Dolan

Managing Director, Vancouver Island and Okanagan

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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Leo Lee

Director, National Research Operations | Canada

Toronto West

Leo Lee is the Director of National Research Operations | Canada and oversees the strategic direction and operations of Colliers Canada Research. He focuses on developing the capabilities of the national research team that leverages Colliers' best-in-class market intelligence and platforms to provide clients with valuable market insights.

Leo joined Colliers International in 2008 and was most recently the Regional Director of Research for Eastern Canada.

He has over 10 years of experience in the real estate market across Canada and New Zealand and draws on his professional experience as a commercial appraiser and real estate consultant.

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