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.