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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


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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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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