In 2020, a year where many industries crumbled and businesses shut their doors for good, construction in Victoria, B.C. was classified as an essential service, and business has been booming ever since. In 2021, Victoria’s building permits are at an all-time high. In addition, Victoria is experiencing an extremely hot market, and homebuilders are taking this opportunity to take on as many projects as possible. According to an article written in the Victoria News, the Canada Mortgage Housing Corporation reported a nearly 370-per-cent increase in new housing starts in Greater Victoria from January 2020 to January 2021. In addition, the “total value of January 2021’s building permits rose 41.3 percent from last year to $143 million”. While things are starting go back to normal and people are beginning to get back to work, it is estimated that the construction boom won’t be slowing down for at least another two-three years.
Sources:
Duffy, A. (2021, May 7). Victoria’s Housing Outlook Likely to Remain Hot Till 2023, Says CMHC Report. Times Colonist. https://www.timescolonist.com/real-estate/victoria-s-housing-outlook-likely-to-remain-hot-till-2023-says-cmhc-report-1.24316218
Green, K. (2021, June 22). Influx of Skilled Tradespeople Falling Behind Greater Victoria Construction Boom. Victoria News. https://www.vicnews.com/news/influx-of-skilled-tradespeople-falling-behind-greater-victoria-construction-boom/
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