Posts Tagged ‘Victoria development’

Victoria housing needs will likely shape far more than new construction. They will influence buyer expectations, seller strategy, neighbourhood growth, affordability pressure, and the types of homes that become more common across the region. The City of Victoria’s 2024 Interim Housing Needs Report estimates the city will need about 8,254 new homes over the next 20 years, while Langford has projected a 20-year need of about 17,000 new homes as it plans for major population growth. That means the next decade will not only be about building more homes. It will be about building the right mix of homes in the right locations. Housing Demand Is No Longer One Simple Problem For years, the conversation around housing was often reduced to one idea: Victoria needs more homes. That is still true. However, the next phase is more complex. Greater Victoria needs more rental housing, more family-sized options, more attainable ownership opportunities, more downsizer-friendly homes, more accessible housing, and more homes close to transit, services, and employment. This matters because different buyers need different solutions. A first-time buyer may need a well-priced condo near transit. A growing family may need a townhouse with storage and outdoor space. A downsizer may want a low-maintenance strata home close to shops and medical services. A senior may need accessible living without leaving their community. If the region does not add enough variety, buyers will continue competing for the same limited options. More Density Will Likely Become Normal Over the next 10 years, many Victoria neighbourhoods may see more townhomes, multiplexes, small apartment buildings, infill housing, and purpose-built rentals. This does not mean every street will change overnight. However, the direction is clear. Provincial housing targets are pushing municipalities to increase supply, and Saanich has been given a mandated five-year target of 4,610 net new completed homes. For homeowners, this creates both opportunity and uncertainty. More density may bring: New housing choices More rental options Better support for local businesses Stronger demand near transit and amenities Changes to neighbourhood character More construction activity New questions around parking, infrastructure, and public space For buyers, it means location research will become even more important. A quiet street today may look different in five or 10 years depending on zoning, transportation planning, and nearby redevelopment potential. Affordability Will Keep Driving Buyer Behaviour Even if more homes are built, affordability will likely remain one of Victoria’s biggest challenges. Higher construction costs, land values, interest rates, municipal fees, and limited land supply all affect what gets built and what buyers can afford. More supply can help, but it does not automatically make every home affordable. This is why buyers may continue to make trade-offs between: Size and location Age and efficiency Outdoor space and walkability Condo convenience and detached-home privacy Core neighbourhoods and Westshore affordability Move-in-ready homes and renovation potential The next decade may reward buyers who are flexible. Instead of searching for the perfect home, many will need to focus on the best long-term fit. Purpose-Built Rentals Could Change the Ownership Market Victoria has already seen more attention on purpose-built rental housing. The City of Victoria reported that purpose-built rentals had exceeded its 1,900-unit target as part of its housing strategy milestones, contributing to the city’s highest vacancy rate in more than a decade. This could affect the ownership market in several ways. More rental supply may give some renters more time before buying. It may also reduce pressure on some entry-level ownership options if renters have more stable choices. However, if ownership remains expensive, many households may rent longer than previous generations did. For investors, this could mean stronger competition from newer rental buildings. Older rental-style condos or secondary suites may need to stand out through location, condition, layout, or pricing. Sellers Will Need to Think More Strategically In a market with more housing choice, sellers cannot assume that limited supply will do all the work. As inventory grows, buyers compare more carefully. In April 2026, the Victoria Real Estate Board reported 3,710 active listings at month-end, up 8.3% from April 2025 and up 13.8% from March 2026. That kind of choice changes seller strategy. Sellers may need to focus more on: Accurate pricing Strong presentation Maintenance records Energy efficiency Flexible showing access Clear strata documents Neighbourhood positioning Transparent upgrade history If more new or newer homes come to market over time, older homes will need to compete on more than location alone. Condition, layout, livability, and future costs will matter. Neighbourhood Identity May Shift Housing needs will not affect every area equally. Langford may continue to absorb a large share of regional growth because of land availability, development patterns, and infrastructure planning. The City of Langford has stated it is planning for a population of 100,000 residents, nearly double its current population of about 58,000. Meanwhile, Victoria, Saanich, Esquimalt, View Royal, Colwood, Sidney, and Oak Bay will each face different pressures. Some neighbourhoods may become more walkable. Others may become denser around transit corridors. Some may see more infill. Others may hold value because they offer larger lots, established streets, or limited redevelopment potential. For buyers, this means the question is not just, “Do I like this neighbourhood today?” The better question is, “How might this neighbourhood change over the next 10 years?” What Buyers Should Watch Buyers should pay attention to more than current listings and recent sales. Over the next decade, smart buying decisions may depend on: Local zoning changes Transit access Nearby development applications School capacity Infrastructure upgrades Walkability Strata fees and building age Energy efficiency Long-term maintenance costs Resale demand by property type A home can be a good fit today and still face future trade-offs. The more buyers understand those trade-offs early, the more confident their decisions become. What Sellers Should Watch Sellers should think about how future housing supply may affect their property’s position in the market. A well-maintained detached home in a walkable area may continue to attract strong interest. A dated condo may face more competition if newer rental or condo supply gives buyers better alternatives. A townhouse with family-friendly space may stand out if demand grows for homes between condos and detached houses. Sellers should ask: What makes this home hard to replace? What buyer problem does it solve? How does it compare to newer options? What future costs might buyers notice? Which improvements would matter most before listing? In a changing market, the best listings will make the value clear. The Bigger Picture Victoria’s housing needs will shape the next 10 years through density, affordability, infrastructure, rental supply, and changing lifestyle expectations. For buyers, the opportunity is to think beyond today’s price and focus on long-term livability. For sellers, the opportunity is to understand where their home fits as more choice enters the market. Housing growth will not remove every challenge. However, it will change the way people compare homes, evaluate neighbourhoods, and plan their next move. For local guidance on how Victoria housing needs could affect your buying or selling strategy, contact Faber Real Estate Group for advice before making your next real estate decision. Demetrios T., 5-Star Review, via Google “Scott and Cal Faber were exceptional to work with. They were professional, patient, and incredibly informative throughout the entire process. They took the time to walk me through every step, which made the typically stressful experience of moving so much easier. Their knowledge of real estate is second to none, and their guidance gave me complete confidence in my decisions. I highly recommend both Scott and Cal to anyone looking for trusted, knowledgeable, and supportive realtors.” Faber Real Estate GroupRoyal LePage Coast Capital Realty📞 250-244-3430📧 [email protected]ℹ️ Scott Faber Personal Real Estate Corporationℹ️ Cal Faber Personal Real Estate CorporationVanessa Wood, Zachary Parsons, and Sophie Taylor“Building Lasting Relationships, One Home at a Time.”