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.
