Brougham

CPABC: Greater Victoria building investment strong in 2022, though cracks starting

Retrieved on: 
Thursday, March 23, 2023
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VICTORIA, British Columbia, March 23, 2023 (GLOBE NEWSWIRE) -- According to BC Check-Up: Invest, an annual report by the Chartered Professional Accountants of British Columbia (CPABC) on investment trends across the province, there were 4,787 housing units that began construction across Greater Victoria.

Key Points: 
  • VICTORIA, British Columbia, March 23, 2023 (GLOBE NEWSWIRE) -- According to BC Check-Up: Invest, an annual report by the Chartered Professional Accountants of British Columbia (CPABC) on investment trends across the province, there were 4,787 housing units that began construction across Greater Victoria.
  • “Another positive investment trend was a strong level of major project construction.”
    The estimated value of all major projects in Greater Victoria, those with a cost of over $15 million, was $14.0 billion in Q3 2022, up from $13.9 billion in Q3 2021.
  • The scale of the decline was similar for non-residential permits (-35.8 per cent) and residential permits (-32.2 per cent).
  • “High interest rates are expected to stay and the significant decline in building permits issued across Greater Victoria indicates building investment may weaken significantly in 2023,” concluded Brougham.

CPABC: Greater Victoria adds 8,400 jobs over past year as residents return to labour force

Retrieved on: 
Wednesday, November 2, 2022
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This represented an additional 9,900 residents joining the labour force.

Key Points: 
  • This represented an additional 9,900 residents joining the labour force.
  • Given the significant labour shortages Greater Victoria has seen, it is encouraging to see more residents enter the labour force, continued Brougham.
  • However, a smaller proportion of residents were in the labour force compared to pre-pandemic levels.
  • Going forward, it will be important to reduce barriers to joining the labour force, improve housing affordability, and focus on attracting more residents to our region.

CPABC: Strong population growth and limited supply drive Greater Victoria housing prices up

Retrieved on: 
Wednesday, July 6, 2022
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The CRDs population growth has also been hampered by low birth rates, with mortalities exceeding births by 1,251 in 2021.

Key Points: 
  • The CRDs population growth has also been hampered by low birth rates, with mortalities exceeding births by 1,251 in 2021.
  • With one of the lowest fertility rates in Canada, we need to attract immigrants to grow our population, noted Brougham.
  • The strongest demand has been for larger units, which has put significant pressure on housing prices for family homes.
  • While recent interest rate increases may put some downward pressure on the housing market, the lack of supply will continue to put upward pressure on housing prices over the longer-term, concluded Brougham.

CPABC: Greater Victoria housing starts surge past previous record

Retrieved on: 
Tuesday, March 8, 2022
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In total, 4,809 units began construction in Greater Victoria throughout 2021, up from the 3,209 units started in 2020.

Key Points: 
  • In total, 4,809 units began construction in Greater Victoria throughout 2021, up from the 3,209 units started in 2020.
  • The previous record for the region was 4,273 in 2018.
  • In 2020, the COVID-19 pandemic caused a decline in housing starts in Greater Victoria, but that was very short-lived.
  • Given the lack of affordable housing in the city and surrounding areas, this increase in housing supply is critical, noted Brougham.

CPABC: Greater Victoria unemployment down to 4.4% but employment below pre-pandemic levels

Retrieved on: 
Wednesday, November 3, 2021
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Overall, Greater Victorias workforce was 2.7 per cent smaller in September 2021 compared to September 2019, and unemployment remained well above the 3.5 per cent in that month.

Key Points: 
  • Overall, Greater Victorias workforce was 2.7 per cent smaller in September 2021 compared to September 2019, and unemployment remained well above the 3.5 per cent in that month.
  • The number of people actively employed or searching for work has also failed to return to pre-pandemic levels.
  • Despite the strong gain over the past year, employment in Greater Victorias hospitality industry was the same as in September 2019.
  • Over the past year, Greater Victoria has seen a rise in labour demand while simultaneously a decline in the number of job searchers, concluded Brougham.