Greater Victoria’s homes begin to surge beyond previous records, the Canadian Business Journal

According to Victoria, British Columbia, March 8, 2022 (GLOBE NEWSWIRE). BC Checkup: InvestmentIn an annual report on investment trends across the state by a British Columbia Certified Professional Accountant (CPABC), the number of residential units that began construction across Greater Victoria was 2021 compared to the number that began in 2020. Increased by 49.9%.

Lindalee Brougham, FCA, FCPA, President of LL Brougham Inc, said: , And the developers seized the investment opportunity with the highest number of housing starts ever. “

A total of 4,809 units began construction in Greater Victoria throughout 2021, starting with 3,209 units launched in 2020. The previous record for the region was 4,273 in 2018.

The number of detached houses and detached houses such as condominiums, town homes and apartments has increased significantly. In 2021, 3,815 ancillary units began construction, an increase of 58.6% compared to 2020. In 2021, the detached start reached 994, an increase of 23.6% compared to 2020.

“In 2020, the COVID-19 pandemic reduced housing starts in Greater Victoria, but it was very short-lived. Given the lack of affordable housing in and around the city. This increase in housing supply is significant, “says Broam. “Major project activities underway were also strong in 2021.”

Estimates for all major Greater Victoria projects were over $ 15 million, at $ 13.9 billion in the third quarter of 2021, down from $ 14.5 billion in the third quarter of 2020. This decline began in 2021 with a $ 765 million core area wastewater management project.

As of the third quarter of 2021, 34 projects worth $ 9.9 billion are under construction, or almost three-quarters of all projects in the region. As of the third quarter of 2021, there were 51 project proposals with an estimated cost of capital of $ 3.1 billion.

“Greater Victoria has the highest percentage of major projects under construction in the state and has helped protect the region from the 2020 recession. Short-term ongoing and significant investment is expected to be housing. Improve supply, better connect communities and improve services available to residents, “Broam concludes. “In the future, it is also important to create an environment that attracts more investment.”

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About CPA British Columbia
British Columbia Certified Public Accountant (CPABC) is a training, governance, and regulatory body for over 38,000 CPA members and 6,000 CPA students. CPABC fulfills its primary mission of protecting its people by implementing the highest professional and ethical standards and contributing to the advancement of public policy. CPA is internationally recognized for bringing superior financial expertise, strategic thinking, business insights, and leadership to the organization.

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Greater Victoria’s homes begin to surge beyond previous records, the Canadian Business Journal

Source link Greater Victoria’s homes begin to surge beyond previous records, the Canadian Business Journal

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