Housing Archives - Victoria Chamber

Plan for prompt payment rules supports construction

October 8, 2025/in BizNews This Week, Business And Economic Strength, Fair Rules, Finding And Keeping Workers, Government Local, Government Provincial, Housing, Inflation And Rising Costs, Streamlined Regional Regulations, Training And Microcredentials/by Jim Zeeben

The Chamber applauds a new agreement that will let builders build, and spend less time chasing wayward payments.

On Tuesday, the province announced legislation that will help contractors, subcontractors and workers get paid on time.

“We welcome this critical step toward payment certainty for B.C.’s construction industry,” BC Construction Association president Chris Atchison said. “It marks a new starting line that requires sustained collaboration between industry and government. Establishing fairness in how money flows means the industry can focus on building, not battling over payment. BCCA remains committed to continuing to work with the provincial government on this important issue.”

With housing supply a critical component for improving the cost of living in Greater Victoria and across BC, governments need to address all barriers facing contractors.

The prompt-payment legislation, once passed, will:

· set clear timelines for payment on construction projects

· establish a fast-track adjudication process to resolve payment-related disputes

· improve cash flow and stability across the construction industry.

Ontario and Alberta already have prompt-payment laws, and industry groups in BC have supported bringing those rules here. The province said there will be a transition period to establish an adjudication authority and conduct outreach and education regarding rights and responsibilities under the new system.

Prompt-payment rules will apply broadly to both private- and public-sector projects in BC, including government contracts, unless specific exemptions are set out by regulation.

New SIPP report says Greater Victoria at a crossroads

September 24, 2025/in BizNews This Week, Business And Economic Strength, Fair Rules, Finding And Keeping Workers, Global Uncertainty, Housing/by Jim Zeeben

A report released this week offers a path forward for a regional economy that is spinning its wheels in some sectors.

The South Island Prosperity Partnership offers a series of recommendations to overcome stagnation and reach our potential in Igniting Momentum, a 105-page report that came out of its Rising Economy Taskforce.

“The stakes are too high for business as usual in Greater Victoria,” the report concludes. “The evidence is clear: affordability pressures, productivity gaps, essential-worker shortages and external shocks are converging. But so are our advantages: world-class research, a thriving tech ecosystem, ocean and climate leadership, strong public anchors, entrepreneurial grit and a quality of life that draws talent from around the world.”

The Chamber helped contribute to the report’s findings, which align with much of the work the Chamber continues to do to attract investment and support our community.

“Greater Victoria is at a crossroads. Without bold, immediate action, we risk losing the talent, businesses and vibrancy that sustain our economy. Governments at all levels must do more to coordinate with the private sector to help ensure businesses can succeed,” Chamber CEO John Wilson said. “As BC’s second-largest metropolitan area, we can’t wait any longer. The Chamber promises to work with our members and partners across the region as the voice of business to address social challenges, increase access to skilled workers and grow our regional economy in ways guided by innovation, inclusion, and resilience. The time to act is now — to build a safer, stronger, and more prosperous Greater Victoria for everyone.”

Curious how LNG could impact Greater Victoria?

August 20, 2025/in BizNews This Week, Business And Economic Strength, Chamber Awareness, Climate Change Solutions, Global Uncertainty, Housing, Indigenous Business Support And Reconciliation, Inflation And Rising Costs, New And Established Businesses, Streamlined Regional Regulations, Transportation Options/by Jim Zeeben

Natural gas has a long history as a game-changing source of energy. From the old slogan, “Now you’re cooking with gas” to recent proposals aimed at boosting BC’s economy and helping wean the world off coal, LNG has made plenty of headlines.

Chamber members have a chance to dig deeper into those stories and others when we host FortisBC President and CEO Roger Dall’Antonia. The event, sponsored by ColdStar Solutions, runs Sept. 9, from 11:30am to 1 pm, at the Hotel Grand Pacific.

Dall’Antonia will speak about the latest efforts to grow the industry, the impact investing in natural gas will have on provincial revenue and the opportunities available in Greater Victoria.

If you have questions about FortisBC and our province’s energy sector, please send them to communications@victoriachamber.ca. We’ll select those that help inform conversations about our region and get the answers at the event directly from one of the province’s foremost experts.

Reserve your seat now for the Chamber’s next Business Leaders Luncheon, and make the most of this chance to connect with top movers and shakers in our business community.

Reserve Your Seat

Groundbreaking signals start of major new housing project

August 13, 2025/in BizNews This Week, Chamber Awareness, Government Local, Housing/by Jim Zeeben

One of our region’s largest new housing developments broke ground today, starting construction on a project that will eventually add 1,500 homes in Harris Green.

The housing, being developed by Starlight Investments, will include a mix of townhomes, studios and one-, two- and three-bedroom apartments.

The Chamber was an early supporter of the project.

Harris Green Village is the largest multi-family housing project in Victoria’s history, the developer said. The three-phase project will also add 100,000 square feet of modern commercial and retail space.

“The Harris Green Village development is a demonstration of Victoria’s forward-thinking approach to driving purpose-built rental housing,” City of Victoria Mayor Marianne Alto said. “This is exactly the kind of vibrant, community-driven growth we can expect as the City continues to create more opportunities for housing and community spaces in the downtown core.”

The first phase underway now will create 526 rental suites in the downtown Victoria neighbourhood

Strong start to summer for real estate market

July 9, 2025/in BizNews This Week, Business And Economic Strength, Housing/by Jim Zeeben

The latest numbers offer more evidence Greater Victoria’s real estate sector has moved beyond the uncertainty that had disrupted markets over the past five years.

“Recent market trends suggest that we have finally transitioned from a pandemic-driven market to more conventional patterns,” Victoria Real Estate Board Chair Dirk VanderWal said. “We have experienced consecutive months of a healthy and balanced market that includes listing inventory levels we have not seen in a decade paired with steady sales. Despite economic uncertainties weighing on consumer confidence, Victoria continues to demonstrate resilient market conditions.”

VREB said a total of 761 properties sold in June, up 15.1% from June 2024.

“Noteworthy this past month is a large uptick in the number of condos sold,” VanderWal said. “It will be interesting to see if this continues through the summer and becomes a trend.”

The benchmark value for a single family home in June was $1,325,400, down from May’s value of $1,326,600. The benchmark value for a condominium in June was $562,800, down from the May value of $564,100.

Good step forward for safer supportive housing

July 2, 2025/in BizNews This Week, Government Provincial, Housing, Safe Communities/by Jim Zeeben

Businesses continue to demand action on making communities safer. On Monday, the provincial government announced help for supportive housing providers dealing with problematic and dangerous individuals taking advantage of vulnerable people.

A new, time-limited working group will have more authority to deal with urgent safety issues and better respond to weapons and criminal activity within supportive housing. The group will explore the potential to remove supportive housing from the Residential Tenancy Act.

“The government really listened to the concerns of our sector and has acted on them,” Our Place Society CEO Julian Daly said. “These proposed changes give us, as housing providers, more flexibility in how we manage our buildings, greater control over who lives with us and allows us to create safer homes for those we serve and a safer workplace for our colleagues.”

The working group will also address air-quality issues in supportive housing related to second-hand exposure to fentanyl.

“The Chamber applauds actions that make our communities safer,” Chamber CEO Bruce Williams said. “We know that helping people dealing with mental health and addiction challenges is vital, and part of that help includes keeping them safe from predators who target those populations.”

Saanich updates portals to speed up approval process

May 8, 2025/in BizNews This Week, Government Local, Housing/by Jim Zeeben

The District of Saanich has updated its residential building permit process with the launch of five digital submission portals:

New Build
Addition
Renovation
Demolition
Other(Accessory Building, Swimming Pool/Fence, Retaining Wall)

These online services will eliminate paper-based applications, making processes more convenient, reliable and efficient, the municipality stated, adding that it is striving to simplify the permitting process for residents and developers by removing application barriers and creating a seamless online application and payment experience.

“There is plenty of room for innovation to reduce barriers facing builders and others who do the work to provide the homes and services people demand,” Chamber CEO Bruce Williams said. “We know that inefficiencies and delays can add up to one-third of the cost to projects. Those costs are then passed on to buyers, so we applaud Saanich for taking steps to address that.”

Real estate market stays steady through Spring start

May 8, 2025/in BizNews This Week, Finding And Keeping Workers, Housing, Transportation Options/by Jim Zeeben

The chaos created by threats of tariffs and a tradewar is the likely reason for a cooler start to the spring housing market.

“Political uncertainty associated with the federal election, combined with broader economic concerns stemming from the United States tempered our brisk spring market growth,” Victoria Real Estate Board Chair Dirk VanderWal said in a media release. “The good news is we remain in that sweet spot of inventory, which we currently find is between 3,000 and 4,000 listings.”

VanderWal, who spoke to The Chamber’s Public Policy and Advocacy Committee on Tuesday along with VREB CEO David Corey, said that having available inventory is good for buyers, sellers and the 1,600 real estate agents working in our region.

“Currently, single family homes in certain price ranges are in demand and may see multiple offers, while there is a larger supply of condos waiting for buyers,” VanderWal said.

The benchmark value for a single family home in the Victoria Core in April was $1,344,800, up from March’s value of $1,335,300. The benchmark value for a condominium in April was $566,100, up from the March value of $560,400.

BC Housing gets grant funding for 530 new homes

March 26, 2025/in BizNews This Week, Housing/by Jim Zeeben

Housing is foundational to building a strong economy and safe communities. The Chamber advocates for policy change and investment in housing to support builders and the real estate sector, as well as to provide homes for all levels of our workforce and help people facing homelessness.

“We work for all of our members and are grateful that members such as BC Housing are getting more homes built in our region,” Chamber CEO Bruce Williams said, about news that BC Housing recently received $62 million in grant funding for 530 homes in our region.

The homes will be in five housing projects:

Camas House: 66 on-reserve homes at 1504A Admirals Rd. in Victoria for members of the Songhees Nation, operated by M’akola Housing Society.
Crosstown: 154 homes (100 affordable and 54 supportive homes) at 584 Burnside Rd. E. in Victoria, operated by Victoria Cool Aid Society.
The Ferns: Located at 496/498 Cecilia Rd. in Victoria, 88 homes will be operated by Pacifica Housing and 59 child care spaces will be managed by Burnside Gorge Community Association.
The Lions: 137 homes at 874 Fleming St. in Esquimalt, operated by Greater Victoria Housing Society.
The Woodlands: 85 homes at 3700 Cedar Hill Rd. in the District of Saanich, operated by Dawson Heights Housing Society.

New report offers insight into Canadian real estate

March 5, 2025/in BizNews This Week, Finding And Keeping Workers, Housing, Inflation And Rising Costs/by Jim Zeeben

What do the current events of 2025 mean for Canada’s real estate industry? There’s no crystal ball to foretell the future, but the expert prognosticators at Doane Grant Thornton have put together some thoughtful insights in their 2025 Real Estate market summary. The report looks at key trends, including the political winds blowing north from south of the border as well as the state of capital markets and impact of AI.

You can read about various asset classes and more at doanegrantthornton.ca.