Posts Tagged ‘Victoria BC housing supply’

Small scale multi-unit housing  refers to modest-density housing that sits between single family homes and large apartment buildings. These housing types are often called “missing middle housing” because they provide options that historically existed in many neighbourhoods but became restricted by zoning over time. Examples of small scale multi-unit housing include: Duplexes Triplexes Fourplexes Townhomes Courtyard housing Homes with secondary or garden suites Instead of building large apartment towers, these housing forms add homes gradually while keeping neighbourhood character largely intact. For cities like Victoria, this approach has become an important strategy for increasing housing supply while maintaining established communities. Why Small Scale Multi-Unit Housing Is Increasing Across British Columbia, housing supply has struggled to keep pace with population growth and demand. As a result, municipalities have begun exploring ways to increase housing options without dramatically altering neighbourhoods. Small scale multi-unit housing helps address several housing challenges. Increasing housing supply More homes can be built on land that previously supported only one house. Existing neighbourhoods can add housing without large redevelopment projects. Improving affordability Smaller units generally cost less than detached homes. Land costs are shared among multiple homes. Supporting community growth Increased density supports local businesses and transit. More residents can live close to employment centres and services. Because of these advantages, many municipalities throughout BC have begun adjusting zoning rules to allow more housing types on residential land. What This Means for Victoria Neighbourhoods In Greater Victoria, many neighbourhoods were historically dominated by single family homes. With limited land available, adding gentle density has become an important planning tool. Small scale multi-unit housing Victoria BC allows for changes such as: Redeveloping older homes into duplex or fourplex properties Building additional homes on larger residential lots Creating small infill developments in established neighbourhoods These types of developments typically blend into neighbourhoods more easily than larger apartment projects. Over time, this gradual increase in housing density can help accommodate population growth while preserving community character. Opportunities for Home Buyers For buyers, small scale multi-unit housing Victoria BC creates more opportunities in a market where detached homes can be difficult to afford. Potential advantages include: More attainable ownership Duplex or townhouse units are often priced below detached homes. Flexible living arrangements Some properties include secondary suites or separate living areas. Mortgage support through rental income Buyers may rent part of a property to offset mortgage costs. These housing options can provide a path to home ownership for buyers who might otherwise be priced out of traditional single family homes. Opportunities for Real Estate Investors Small scale multi-unit housing also presents interesting opportunities for real estate investors. Common strategies include: Redevelopment of existing lots Older homes may be replaced with duplex or multi-unit properties. Suite-based rental income Many homes now include legal secondary suites. Multi-unit rental investments Duplexes and fourplexes can provide steady long-term rental income. Investors should carefully evaluate zoning regulations, construction costs, financing requirements, and rental demand before pursuing these opportunities. Considerations Before Buying or Developing While small scale multi-unit housing creates opportunities, it also introduces important considerations. Buyers and investors should evaluate: Municipal zoning regulations Development and permitting timelines Construction costs and feasibility Property taxes and operating expenses Rental market demand Because these factors can vary widely between neighbourhoods, understanding local policies is essential before making decisions. The Future of Small Scale Multi-Unit Housing in Victoria Small scale multi-unit housing Victoria BC represents a shift in how cities approach growth. Instead of relying only on detached homes or high-rise condos, municipalities are encouraging housing types that sit in the middle. Over time, this approach can help: Increase housing supply Provide more ownership opportunities Create more diverse neighbourhoods For buyers, sellers, and investors, understanding how small scale multi-unit housing is evolving can reveal new opportunities in the Victoria real estate market. If you are considering buying, selling, or investing in properties affected by small scale multi-unit housing Victoria BC, the team at Faber Real Estate Group would be happy to help you understand your options and the opportunities available in today’s market. Laura T., 5-Star Review, via Google “Scott has been a pleasure. He is informative, kind, friendly and he has been there to answer all my questions, even when I had to bother him on the weekend. If you're looking for a Realtor, I would highly recommend Scott. He's the best out there!” Faber Real Estate Group Royal LePage Coast Capital Realty 📞 250-244-3430 📧[email protected] ℹ️ Scott Faber Personal Real Estate Corporation ℹ️ Cal Faber Personal Real Estate Corporation Vanessa Wood, Zachary Parsons, and Sophie Taylor “Building Lasting Relationships, One Home at a Time.”

The Greater Victoria real estate market continued to show signs of stability and steady activity in February 2026. According to the Victoria Real Estate Board, 465 properties sold across the region, representing a 37.2 percent increase from January, though still 11.9 percent lower than February 2025. While year-over-year comparisons show some moderation, the strong month-to-month growth indicates that buyers are returning to the market as we move toward the spring season. Inventory is also expanding, giving buyers more options than they have seen in recent years. Active listings rose to 2,903 properties, up 10.6 percent from January and 10.4 percent higher than the same time last year. For many buyers and sellers, this signals a shift toward a more balanced real estate environment where neither side holds a dramatic advantage. Local REALTOR® Scott Faber notes that the Victoria market continues to behave differently than many larger Canadian markets. “There’s a lot of noise coming out of Vancouver and Toronto,” Scott Faber says. “However, our market here is very stable and resilient compared to other markets across Canada.” Insights for Buyers For buyers entering the market this spring, the increased inventory is creating more breathing room to explore options and make thoughtful decisions. With nearly three thousand active listings available, buyers can take time to compare homes, neighbourhoods, and property types more carefully than they could during the intense competition of previous years. Scott Faber explains that condominiums may offer particular opportunity right now. “If you’re a buyer looking for a condo this spring, this is definitely a good time to explore those options,” Scott Faber says. “Especially for downsizers or first-time homebuyers, there’s a lot of choice available and mortgage rates have come down significantly compared to last year.” However, the single-family home segment remains competitive in certain price ranges. Scott Faber notes that homes under $1.2 million with suites are attracting strong demand, particularly in areas like Saanich and Langford. “One of our listings had 18 showings within two weeks,” Scott Faber says. “And we’ve been in multiple-offer situations on several homes under a million dollars, some with suites and some without.” Because of this continued competition in certain segments, preparation remains critical. “If you’re looking for a single-family home, get prepared with a mortgage pre-approval and talk to your real estate professional so you’re ready to act,” Scott Faber advises. Insights for Sellers For sellers considering entering the market this spring, the February activity provides an important takeaway: preparation and presentation matter more than ever. While buyers have more inventory to choose from, homes that are properly priced and move-in ready are still attracting strong interest and selling quickly. Properties that are not show-ready, however, may take longer to move in a market where buyers have more choice. Scott Faber sees this trend clearly when working with clients. “When a home is priced to sell and it’s move-in ready, buyers are moving quickly,” Scott Faber says. “But the homes that aren’t show-ready or require significant updates tend to sit longer because buyers simply have more options right now.” For sellers, this makes professional strategy essential. “I always recommend choosing a professional real estate team that understands how to position your home properly in today’s market,” Scott Faber says. “If your home is well-appointed, marketed correctly, and priced appropriately, you’re going to have a good experience selling.” Market Outlook Looking ahead to the spring market, Greater Victoria appears to be entering a period of stability rather than volatility. The benchmark price for a single-family home in the Victoria Core is now $1,307,400, a modest 0.9 percent decrease from last year, though prices have increased since January. Condominiums show a similar pattern, with a benchmark value of $545,600, down slightly year-over-year but rising month-over-month. Scott Faber believes these numbers reflect a market that is finding its balance. “What we’re seeing right now is a balanced market,” Scott Faber says. “We’re not seeing the large supply increases that some people expected, and when the market is balanced it creates great opportunities for both buyers and sellers.” As the spring market approaches, activity is expected to continue building. Buyers will likely benefit from increased inventory, while sellers who prepare their homes properly can still capture strong demand. Final Thoughts February’s data and on-the-ground experience point to a clear conclusion: the Greater Victoria real estate market remains steady, resilient, and balanced. Buyers now have more options and greater confidence as prices stabilize and inventory expands. Sellers, meanwhile, can still achieve excellent results when their homes are positioned correctly in the marketplace. For those considering a move this year, understanding these local dynamics is critical. If you are thinking about buying or selling in Greater Victoria, connect with Scott Faber and the Faber Real Estate Group for personalized guidance and expert insight into today’s market opportunities. Scott L., 5-Star Review, via Google “I had the pleasure of working with the Faber Group to sell my house, and I couldn't be more pleased with the experience. Cal and Scott from the Faber Group provided exceptional service from start to finish. Their expertise and guidance were instrumental in preparing my home for sale, ensuring it was presented in the best possible light for maximum return on investment. They demonstrated a deep understanding of the market, strategically timing the listing to attract the right buyers. Faber Real Estate Group Royal LePage Coast Capital Realty 📞 250-244-3430 📧[email protected] ℹ️ Scott Faber Personal Real Estate Corporation ℹ️ Cal Faber Personal Real Estate Corporation Vanessa Wood, Zachary Parsons, and Sophie Taylor “Building Lasting Relationships, One Home at a Time.”

The Short-Term Rental Accommodations Act Victoria BC introduced major regulatory changes on May 1, 2024, with the goal of increasing long term housing supply. Since implementation, the legislation has influenced investment strategies, rental inventory, and buyer behaviour across Greater Victoria. From a local real estate perspective, the effects are measurable, but they are also part of a broader housing market shift rather than a single defining factor. What the Legislation Changed for Victoria Homeowners and Investors The Short-Term Rental Accommodations Act Victoria BC limits most short-term rentals to a property owner’s principal residence. In many cases, owners can only operate short-term rentals within their main home or a secondary suite or accessory dwelling on the same property. For investors who previously relied on non-owner-occupied vacation rentals, this created a significant shift. Some owners transitioned their properties into long-term rentals, while others chose to sell investment units that no longer aligned with their income goals. Increase in Long-Term Rental Supply Since the Act’s introduction, Victoria has seen signs of increased long-term rental availability. Some previously short-term rental properties have returned to the traditional rental pool. This change has contributed to slightly higher vacancy rates compared to the extremely tight rental conditions seen prior to 2024. From a realtor’s perspective, this shift has created new opportunities for tenants searching for stable housing. Buyers who plan to hold properties as long-term rentals are also seeing more available inventory in certain condominium segments. Changing Investment Buyer Behaviour The Short-Term Rental Accommodations Act Victoria BC has reshaped investor demand. Before 2024, many buyers targeted properties that allowed flexible short-term rental use. Since the regulation took effect, investors are focusing more on: Properties with legal secondary suites • Principal residence plus rental configurations • Long-term rental income stability • Properties located in municipalities or strata buildings that still permit short-term rentals This shift has created a more cautious investment environment. Buyers are spending more time reviewing zoning, strata bylaws, and municipal regulations before making purchase decisions. Impact on Condominium and Downtown Markets In Victoria’s downtown core, where short-term rental activity was historically concentrated, the Act contributed to a modest increase in resale listings during parts of 2024 and early 2025. Some investor-owned units entered the resale market after short-term rental restrictions reduced projected revenue. While this added inventory temporarily increased buyer choice, pricing impacts have varied depending on building type, location, and rental flexibility. Well-managed buildings with strong long-term rental demand continue to perform steadily. Limited Impact on Detached Housing Demand Detached homes in Victoria have generally experienced less direct impact from the Short-Term Rental Accommodations Act Victoria BC. Many single family homes were already owner-occupied or operated with legal suites that remain compliant under current rules. Demand for detached homes remains driven by lifestyle, school catchments, and neighbourhood appeal rather than short-term rental income potential. Market Stability and Long-Term Outlook Early patterns suggest the legislation has helped shift some housing units back toward long-term residential use. However, housing supply, interest rates, population growth, and construction levels continue to play major roles in overall market conditions. From a local real estate perspective, Victoria remains a supply-constrained market. While the Act has influenced investor activity, it represents one component of a complex housing system rather than a single solution to affordability challenges. What Buyers and Sellers Should Consider Moving Forward Buyers considering rental or investment properties should carefully review municipal regulations, provincial registration requirements, and strata bylaws. Sellers who previously marketed properties based on short-term rental income may need to adjust pricing and marketing strategies to reflect current regulations. The Short-Term Rental Accommodations Act Victoria BC continues to shape investment planning and housing availability. As enforcement and registration requirements evolve, market patterns may continue to adjust. If you are considering buying, selling, or investing in Victoria real estate, contact our team to discuss how current regulations may influence your options and long-term strategy.   Brett H., 5-Star Review, via Google “I can’t suggest how to make Fabers better at being good realtors. They’re already congenial, trustworthy, informed, experienced, and thorough. Cal listened and advised, and somewhere in the middle he said what the condo would sell for and he was right on. Thanks!” Faber Real Estate Group Royal LePage Coast Capital Realty 📞 250-244-3430 📧[email protected] ℹ️ Scott Faber Personal Real Estate Corporation ℹ️ Cal Faber Personal Real Estate Corporation Vanessa Wood, Zachary Parsons, and Sophie Taylor “Building Lasting Relationships, One Home at a Time.”

Victoria BC zoning laws play a major role in how properties can be used, renovated, or redeveloped. If you are buying or selling in Victoria, understanding zoning helps you avoid surprises and identify long-term opportunities. At its core, zoning shapes how neighbourhoods evolve over time. These rules determine not only what exists today, but also what may be possible in the future, making zoning knowledge especially valuable in a changing market. What Zoning Laws Do To manage growth and land use, zoning laws set clear parameters for development. They outline how land can be used and what can be built, helping balance housing needs with neighbourhood character. Specifically, zoning bylaws divide land into defined categories. Each zone establishes rules around permitted uses, building height, density, setbacks, and parking. Some zones allow only detached homes, while others permit duplexes, townhomes, or small multi-unit buildings. In Victoria, these rules are governed through the Zoning Bylaw 2018 alongside the older Zoning Regulation Bylaw. Together, they apply to residential, commercial, and mixed-use areas across the city. Main Zoning Types in Victoria Understanding the main zoning categories helps clarify what is allowed in different areas of the city. Residential zones cover single-family homes, multi-family housing, and mixed residential uses. Recent updates have focused on increasing density through small-scale multi-unit housing rather than high-rise development. Beyond residential areas, commercial zones allow retail, offices, and services, often combined with residential units in central locations. Industrial zones support manufacturing and warehouse uses and are typically located away from residential neighbourhoods. There are also special zones for institutional, agricultural, and park-related uses. Recent Zoning Changes to Know In recent years, provincial housing policies have significantly reshaped Victoria BC zoning laws for 2026. Many lots that once allowed only one home now permit up to four or six units, depending on lot size and proximity to transit. These changes are designed to increase housing supply while maintaining livable communities. As a result, zoning in Victoria’s core now encourages infill and gentle density. In contrast, growing areas closer to the Westshore are seeing zoning that supports larger developments and transit-oriented housing. How Zoning Affects Buyers and Sellers These zoning rules have practical implications for buyers, sellers, and investors. For buyers, zoning determines future options such as adding a suite or building additional units. For sellers, more flexible zoning can increase buyer interest and perceived value. From an investment perspective, zoning directly influences rental potential, redevelopment feasibility, and long-term returns. Because of this, zoning should always be reviewed early in the decision-making process. Before moving forward, confirm zoning details with the City of Victoria, especially if future development or expansion is part of your plan. Bottom Line Victoria BC zoning laws are designed to support growth while balancing community needs. Understanding how zoning works gives buyers, sellers, and investors a clearer picture of what a property can offer today and what it may offer in the future. This information is for educational purposes only. Always verify zoning with the City of Victoria before proceeding.   Shane B.,  5-Star Review, via Google “The last few months navigating this crazy real estate market has been a rollercoaster, and we couldn’t have done it without the Faber Real Estate Team! Scott was extremely helpful, positive and always available. Under a tight timeline we were able to get our condo on the market and sell right away, to be available for any housing opportunity. Scott was patient and helpful throughout the entire process of searching for houses, and went above and beyond to help us finally land an accepted offer on the perfect home. Thank you Scott and the Faber Real Estate Team!” Faber Real Estate Group Royal LePage Coast Capital Realty 📞 250-244-3430 📧[email protected] ℹ️ Scott Faber Personal Real Estate Corporation ℹ️ Cal Faber Personal Real Estate Corporation Vanessa Wood, Zachary Parsons, and Sophie Taylor “Building Lasting Relationships, One Home at a Time.”