Housing starts are off boil but still hot

The pace of home construction in Greater Victoria is likely to slow down but it’ll still be busy, according a B.C. Real Estate Association forecast.

Industry insiders suggest the slowdown in the construction and real estate industries is due to rising interest rates, but BCREA chief economist Brendon Ogmundson said that’s not the whole story. Ogmundson pointed out Greater Victoria builders had a record year in 2021. Maintaining the pace would be difficult and a slight dip brings the region back in line with normal years — the 20-year average for housing starts in Greater Victoria is about 2,300 units and the 10-year average is 2,900.

Ogmundson said there are still sparks of heavy activity, as the region broke a monthly housing start record in July.

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