(November 06, 2014)
Seems like developers are sensing the lack of quality product in the Victoria market place too. That and an overall improving market place has Victoria building permits (construction intentions) up 15.8% on a monthly basis and up nearly 25% year-over-year. For some perspective, in Vancouver permits are up 8.5% on a monthly basis and only 1% on the year-over-year, while Kelowna dipped 14.1% from August though year-over-year remain up 12.5%.
What does this mean for Victoria? There could be more product coming to market in the coming years and from what I can tell, there are certain neighbourhoods and product types that are very much in need of some fresh product. At the same time there remains a good selection of strata product so it will be interesting to see how more new product in the market place plays out. Only time will tell.
*data from the British Columbia Real Estate Association (BCREA) - Nov. 6, 2014.