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Victoria Multifamily Report 2021

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research article

The Greater Victoria multifamily market had a record-breaking year in 2021. This was a result of high demand, stable returns, and low interest rates.

  • Investment activity was at an all-time high, and the total transaction volume reached $862,000,000. This exceeded the 2020 volume at $402,000,000.
  • Average price per suite for new builds rose 12% year-over-year (YoY) to $369,167. For existing builds, that increase was 22% YoY to $289,589.
  • 1-bedroom units reach an average monthly rental price of $1,214, up 2.4% YoY. 2-bedroom units reached an average monthly rental price of $1,571, up 4.2% YoY.


Victoria Multifamily Report 2021

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Tyler Dolan

Managing Director, Vancouver Island and Okanagan


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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