Housing Archives - Victoria Chamber

Weather getting colder but real estate sales warming

December 5, 2024/in BizNews This Week, Housing/by Jim Zeeben

As fall moves into winter, housing sales traditionally slow down as fewer people want to make a major move in cold weather. However, a warming economy and lower borrowing costs has the real estate sector feeling festive.

“I’ve found that buyers and sellers are feeling optimistic right now,” Victoria Real Estate Board Chair Laurie Lidstone said in a media release. “With the steady decrease we’ve seen in interest rates and the continued balance in the market, consumers are feeling more comfortable and empowered to make the big decisions around home ownership knowing that they have a fairly stable real estate environment to navigate.”

A total of 551 properties sold in the region in November, 39.8% more than November 2023. Sales of condominiums were up 55%, while sales of single family homes increased by 36.3%.

There were 2,836 active listings for sale at the end of November 2024, a 7.3% increase from November 2023.

“Though we did see inventory tick below three thousand listings, we are still in much better shape than in recent years in terms of availability of supply,” Lidstone said. “Seasonality comes into play this time of year, and the closer we get to the new year, the more folks temporarily move their focus from house shopping to the holidays. That said, it’s likely the momentum we saw building in November will carry on in December to some extent.”

The benchmark value for a single family home in the Victoria Core in November was $1,302,900, up from October’s value of $1,300,200. The benchmark value for a condominium in the Victoria Core area in November 2024 was $544,400, down from the October value of $547,800.

Saanich releases 2024 Housing Needs Report

November 27, 2024/in BizNews This Week, Government Local, Housing/by Jim Zeeben

Housing supply is a fundamental priority for Greater Victoria. A new report released by the District of Saanich offers a deep analysis of the municipality’s current stock and where future demand is expected.

Of particular interest to The Chamber, based on our member survey, are housing solutions for people at risk of homelessness and workforce housing to make our region more affordable.

The Housing Needs Report includes updated population and housing statistics and projections for five and 20 years from now. The findings will help Saanich as it updates its Official Community Plan in 2025.

Region’s ‘living wage’ jumps 5.4% from one year ago

November 27, 2024/in BizNews This Week, Fair Rules, Finding And Keeping Workers, Housing/by Jim Zeeben

Even with inflation tamed, there is a noticeable increase in the cost of living in Greater Victoria. The shift is evident in the latest report from the Community Social Planning Council of Greater Victoria.

The report says the living wage in our region is $26.78 — 5.4% more than last year.

The Greater Victoria living wage calculation is based on the needs of two-parent families with young children. However, it is also meant to support all workers, so young adults are not discouraged from having children due to low wages, and older workers have additional income as they age.

“Some preliminary estimates we have produced suggest that the living wage may not be sufficient to support single parents and single individuals in Greater Victoria. In other communities, this is not the case, and we want to explore this in more detail in the future,” CSPC Executive Director Shelley Cook said in a media release.

Saanich making plans to address major challenges

October 24, 2024/in BizNews This Week, Climate Change Solutions, Government Local, Housing, Transportation Options/by Jim Zeeben

It’s the biggest and most populous municipality on Vancouver Island, so, when the District of Saanich makes plans, it pays to pay attention.

Saanich has created a draft plan for Quadra McKenzie that will help transform the area over the next 20 years. The plan addresses challenges such as housing and climate change as well as suggesting ways to add public spaces, services and amenities.

The busy crossroads is home to the Saanich Operations Centre, which is undergoing a redevelopment project of its own. Property owned by the municipality will be leveraged to increase rental housing by as many as 600 units.

Saanich council also recently adopted an innovative road safety plan that aims to eliminate fatal crashes.

“I’m really excited to have the first road safety action plan on Vancouver Island,” Saanich Coun. Teale Phelps Bondaroff told the Times Colonist. “The approach we have here is a really good start to getting us towards Vision Zero.”

Chamber policy resolution passes unanimously

October 23, 2024/in BizNews This Week, Chamber Awareness, Housing/by Jim Zeeben

Work spearheaded by staff at the Greater Victoria Chamber of Commerce has paid off.

The Chamber’s paper — Adding to Canada’s housing supply by strengthening Canada’s military through housing on military bases — was adopted at last week’s Canadian Chamber AGM.

“I was in Halifax for the conference and there was rigorous debate and amendments made to almost every policy,” Chamber CEO Bruce Williams said. “When our work was introduced, I was happy to see it adopted unanimously. Clearly, housing is an issue across Canada and our West Coast thinking once again leads the way.”

The Canadian Chamber of Commerce AGM was held at the Halifax Marriott Harbourfront Hotel and brought together “chamber of commerce executives and community business leaders to discuss the economic and political issues affecting the prosperity of Canadian business and set our policy agenda for the upcoming year.”

Real estate market balanced for buyers and sellers

October 10, 2024/in BizNews This Week, Business And Economic Strength, Housing/by Jim Zeeben

With another Bank of Canada interest rate cut expected later this month — and more cuts potentially on their way — stats from the real estate industry show that the market is becoming more balanced.

“The real estate market in Victoria right now is much more stable and more predictable than it has been in recent years,” Victoria Real Estate Board Chair Laurie Lidstone said in a media release. “We have seen a few solid months of near-balance in the market, which means it’s neither a seller’s nor a buyer’s market and positives exist for both sides of a transaction. With downward trending interest rates and stable pricing combined with more inventory on the market, our current conditions are the most comfortable for consumers to navigate that I’ve seen in a few years.”

Sales in September were up from September 2023, with a 21.9% increase in condominiums sold and 19.3% jump in single family home sales.

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Vital Signs Report gives housing failing grade, again

September 26, 2024/in BizNews This Week, Business And Economic Strength, Climate Change Solutions, Fair Rules, Finding And Keeping Workers, Housing, Safe Communities, Streamlined Regional Regulations, Transportation Options/by Jim Zeeben

Greater Victoria has earned a “B” from this year’s Vital Signs Report, released yesterday by the Victoria Foundation. It’s the same score as last year.

“For nearly 20 years, Vital Signs has been helping the community identify and respond to the greatest challenges facing our region,” Victoria Foundation CEO Sandra Richardson said in a media release. “This year, the survey found cost of living, housing, and healthcare to be among the most important issues in Greater Victoria.”

The report looks at 12 areas and grades them based on data from a survey completed by more than 6,500 people as well as from sources curated by a local researcher

In the 2024 report, housing rated a D-, down from the D the area received last year. Health and wellness also fell from a B- to a C+ — as did the grade given to our standard of living.

Environmental sustainability earned a B, which is the same as last year.

On the positive side, sports and recreation increased from a B last year to a B+ this year. Belonging and engagement, arts and culture, and economy all stayed the same from last year.

The Vital Signs Report is available online at victoriavitalsigns.ca, as well as in print at various locations throughout the region.

New units added to affordable housing supply

September 18, 2024/in BizNews This Week, Finding And Keeping Workers, Housing, Safe Communities/by Jim Zeeben

Adding to Greater Victoria’s housing supply is critical. We need affordable homes for individuals and families who want to live and work in our region, and we need housing for vulnerable people at risk of falling through the cracks.

Last week, the Capital Regional District‘s housing agency helped announce the opening of 97 new rental units at Michigan Square in James Bay. The Capital Region Housing Corporation project includes 23 homes at shelter rates, 22 at the affordable housing threshold of 30% of income and 51 at or below market rates.

“We’ve been hearing from employers for many years that finding and keeping workers is a challenge and one of the root causes of that is our cost of living,” Chamber CEO Bruce Williams said. “We’re lucky to live in a region that people aspire to move into but the high demand that creates on housing stock impacts the value of the available supply.”

Another 58 rental homes are also in the works, with 40 units at 2558 Quadra St. and 18 at 1276 Gladstone Ave.

The projects are able to move forward thanks in part to government leveraging underused land and offering loans for builders at better than bank rates.

Pre-approved housing designs available for download

September 4, 2024/in BizNews This Week, Government Provincial, Housing/by Jim Zeeben

The province has introduced a plan to speed up housing construction by allowing cookie cutter designs. The concept relies on “building blocks” that allow for adding elements such as a garage or bedroom. Homes can be up to three storeys.

“They include concepts for duplex, triplex, quadplex and townhouse designs. Also included are a variety of roof shapes and exterior finishes, so all the designs can blend in seamlessly with existing neighbourhoods, keeping with the intent of small-scale, multi-unit housing to add density,” the province’s media release said. “There are also designs for accessory dwelling units, such as laneway homes, and a fully adaptable cottage suitable for aging in place.”

The designs comply with the 2024 BC Building Code and can be customized for different lot sizes and specific site conditions. Designs can be downloaded at no cost.

The hope is that local governments and builders will quickly become familiar with the plans, leading to quicker approvals and construction.

Real estate summer slowdown typical for the season

September 4, 2024/in BizNews This Week, Housing, Inflation And Rising Costs/by Jim Zeeben

Despite falling interest rates, Greater Victoria’s housing market slowed in August and the benchmark price for an “average” home in the region decreased.

A total of 545 properties sold in the Victoria Real Estate Board region this August, down 16.5% from July. The benchmark value for a single family home in August was $1,287,400, down from July’s value of $1,296,100.

“The final month of the summer is generally a rather relaxed one in terms of real estate sales and listings,” 2024 Victoria Real Estate Board Chair Laurie Lidstone said. “Many folks pause their home shopping activities or pause their sales listing to make the most of other summer activities and vacations. It’s no surprise that sales this year were so close to the sales from 2023 and that listings declined slightly from the number we saw in July.”