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Construction Market Intelligence
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Victoria construction market

What residential construction currently looks like in Victoria: activity relative to population, the building pipeline, nominal and real growth, and market mix — measured against 15 other Canadian markets.

Trailing 12 months ending June 2026 British Columbia · census metropolitan area · population 445,090 (2025)

  • Apartment-heavy
  • Moderate construction intensity
  • Declining real permit growth

Key metrics

Housing starts per 1,000 residents
9.87
4,392 starts in 12 months
6th of 16
Housing completions per 1,000 residents
8.79
3,914 completions
5th of 16
Units under construction per 1,000 residents
20.25
9,015 units at period end
2nd of 16
Pending starts per 1,000 residents
3.91
1,742 units · secondary indicator
6th of 16
Residential permit value growth (constant dollars)
−15.9%
Nominal −14.3%
15th of 16
Residential construction price growth
+6.3%
Year over year
4th of 14
Renovation share of residential investment
37.9%
of residential investment
11th of 16
Apartment share of housing starts
79.9%
of housing starts
5th of 16

Current observations

  • Victoria recorded 4,392 housing starts over the trailing 12 months ending June 2026 — 9.87 per 1,000 residents, 6th of 16 tracked markets (median 8.33).
  • 20.25 units per 1,000 residents were under construction at period end (2nd of 16 tracked markets), 2.3 times the 8.79 per 1,000 completed over the past 12 months.
  • Residential permit value fell 14.3% nominally and approximately 15.9% after adjusting for construction prices. The segments differ: in constant dollars, single-dwelling permit value changed −1.0% and multiple-dwelling −17.9%.
  • Renovation accounts for 37.9% of residential investment (11th of 16 tracked markets by renovation share). Apartments were 79.9% of housing starts and single-detached homes 7.4%.
  • Residential construction prices changed +6.3% year over year (4th of 14 tracked markets by price growth).
  • Pending starts — permits issued but not yet started — stood at 3.91 per 1,000 residents (6th of 16 tracked markets). This is a secondary indicator of the current backlog, not a forecast.

Generated from the published values on this page using fixed rules. They describe current measured conditions and are not forecasts.

Historical context

Monthly, as trailing 12-month totals (except units under construction, a month-end stock), 2019 to June 2026.

Housing starts by dwelling type

Trailing 12-month starts. Multi-unit = semi-detached, row and apartment.

  • Single-detached
  • Multi-unit
Housing starts by dwelling type, Jan 2019 to Jun 2026. Latest: Single-detached 324; Multi-unit 4,068. Full values in the table below the chart.02,0004,0006,00020192020202120222023202420252026
Show all monthly values as a table
Housing starts by dwelling type
Period endingSingle-detachedMulti-unit
January 20197953,612
February 20197843,650
March 20197843,520
April 20197573,726
May 20197213,691
June 20196973,422
July 20196463,363
August 20196362,932
September 20196303,184
October 20196343,279
November 20196393,378
December 20196382,861
January 20206392,672
February 20206682,787
March 20206742,709
April 20206712,729
May 20206692,792
June 20206752,777
July 20207092,799
August 20206962,897
September 20206842,593
October 20206692,571
November 20206692,456
December 20206942,515
January 20217342,645
February 20217402,314
March 20217572,796
April 20217982,646
May 20218052,572
June 20218152,710
July 20218152,964
August 20218313,296
September 20218363,514
October 20218573,540
November 20218353,678
December 20218603,949
January 20228414,038
February 20228134,322
March 20228003,855
April 20227873,840
May 20227803,984
June 20227403,899
July 20227674,223
August 20227644,017
September 20227573,878
October 20227284,174
November 20227314,423
December 20226794,108
January 20236484,316
February 20236334,218
March 20236014,454
April 20235654,251
May 20235604,059
June 20235394,349
July 20234633,916
August 20234294,251
September 20234174,209
October 20234114,343
November 20233984,220
December 20233854,607
January 20243734,338
February 20243734,313
March 20243754,445
April 20243524,883
May 20243304,922
June 20243274,757
July 20243204,658
August 20243184,443
September 20243064,599
October 20243024,164
November 20242894,023
December 20242983,887
January 20253023,806
February 20252833,691
March 20252753,606
April 20252743,492
May 20252603,732
June 20252814,337
July 20252894,557
August 20253014,725
September 20252934,597
October 20252894,666
November 20253004,613
December 20253094,550
January 20263134,848
February 20263154,858
March 20263154,624
April 20263185,094
May 20263244,945
June 20263244,068

Under construction and completions

Units under construction (month-end) and trailing 12-month completions.

  • Under construction
  • Completions (12 mo)
Under construction and completions, Jan 2019 to Jun 2026. Latest: Under construction 9,015; Completions (12 mo) 3,914. Full values in the table below the chart.05,00010,00020192020202120222023202420252026
Show all monthly values as a table
Under construction and completions
Period endingUnder constructionCompletions (12 mo)
January 20195,9032,613
February 20196,1022,508
March 20196,0352,596
April 20196,2352,710
May 20196,0442,788
June 20195,8032,943
July 20195,5973,142
August 20195,3363,324
September 20195,6553,354
October 20195,4943,671
November 20195,6953,724
December 20195,6503,626
January 20205,0304,185
February 20205,3044,253
March 20205,1994,199
April 20205,3804,235
May 20205,2754,210
June 20205,2773,958
July 20205,3263,695
August 20205,1223,723
September 20205,1143,733
October 20205,2723,377
November 20205,3073,428
December 20204,7304,044
January 20214,7053,565
February 20214,6963,524
March 20214,8813,753
April 20214,9903,659
May 20214,9713,506
June 20214,4954,132
July 20214,9374,057
August 20215,1903,948
September 20215,0804,269
October 20215,1894,365
November 20215,3524,353
December 20215,5173,907
January 20225,8803,841
February 20226,0523,916
March 20225,8773,795
April 20225,9813,829
May 20226,1393,789
June 20226,1053,219
July 20226,6793,436
August 20226,8383,318
September 20226,9242,984
October 20227,4442,839
November 20227,7762,924
December 20227,7332,758
January 20237,9462,887
February 20237,5193,372
March 20237,7103,211
April 20237,3483,438
May 20237,2123,440
June 20237,4503,440
July 20237,7623,195
August 20237,6283,761
September 20237,7433,664
October 20237,8494,206
November 20238,0214,228
December 20238,3934,194
January 20248,1284,391
February 20248,0993,949
March 20248,0034,376
April 20248,3354,097
May 20248,1114,297
June 20247,8684,610
July 20248,1504,533
August 20247,8314,532
September 20247,7764,856
October 20247,9144,383
November 20247,8934,422
December 20247,9264,435
January 20257,9674,052
February 20257,7784,098
March 20258,0053,676
April 20258,1403,810
May 20258,1763,759
June 20258,6663,648
July 20259,0423,754
August 20259,4323,228
September 20258,6373,812
October 20258,8963,753
November 20258,7573,832
December 20258,7893,952
January 20268,8214,187
February 20268,6094,238
March 20268,4274,412
April 20269,2624,152
May 20269,1484,176
June 20269,0153,914

Residential permit value: nominal and constant dollars

Trailing 12-month value, $ millions. Constant dollars are Statistics Canada’s price-adjusted series.

  • Nominal
  • Constant dollars
Residential permit value: nominal and constant dollars, Jan 2019 to Jun 2026. Latest: Nominal $1,361M; Constant dollars $1,253M. Full values in the table below the chart.$0M$500M$1,000M$1,500M$2,000M20192020202120222023202420252026
Show all monthly values as a table
Residential permit value: nominal and constant dollars
Period endingNominalConstant dollars
January 2019$1,118M$1,632M
February 2019$1,064M$1,549M
March 2019$1,073M$1,554M
April 2019$1,042M$1,504M
May 2019$937M$1,347M
June 2019$799M$1,142M
July 2019$785M$1,119M
August 2019$836M$1,186M
September 2019$833M$1,176M
October 2019$812M$1,142M
November 2019$805M$1,129M
December 2019$827M$1,157M
January 2020$830M$1,156M
February 2020$884M$1,228M
March 2020$891M$1,236M
April 2020$885M$1,226M
May 2020$901M$1,246M
June 2020$921M$1,271M
July 2020$915M$1,260M
August 2020$865M$1,190M
September 2020$824M$1,131M
October 2020$828M$1,134M
November 2020$843M$1,151M
December 2020$882M$1,200M
January 2021$909M$1,231M
February 2021$964M$1,296M
March 2021$963M$1,287M
April 2021$1,015M$1,349M
May 2021$1,046M$1,382M
June 2021$1,136M$1,483M
July 2021$1,294M$1,673M
August 2021$1,354M$1,742M
September 2021$1,371M$1,754M
October 2021$1,414M$1,797M
November 2021$1,475M$1,858M
December 2021$1,441M$1,800M
January 2022$1,394M$1,726M
February 2022$1,338M$1,640M
March 2022$1,414M$1,706M
April 2022$1,448M$1,726M
May 2022$1,468M$1,732M
June 2022$1,412M$1,640M
July 2022$1,444M$1,642M
August 2022$1,525M$1,713M
September 2022$1,569M$1,748M
October 2022$1,590M$1,756M
November 2022$1,528M$1,672M
December 2022$1,521M$1,656M
January 2023$1,521M$1,648M
February 2023$1,557M$1,676M
March 2023$1,502M$1,604M
April 2023$1,489M$1,579M
May 2023$1,489M$1,569M
June 2023$1,494M$1,565M
July 2023$1,351M$1,403M
August 2023$1,232M$1,271M
September 2023$1,313M$1,343M
October 2023$1,336M$1,357M
November 2023$1,362M$1,376M
December 2023$1,379M$1,387M
January 2024$1,381M$1,384M
February 2024$1,344M$1,340M
March 2024$1,313M$1,303M
April 2024$1,346M$1,328M
May 2024$1,377M$1,350M
June 2024$1,327M$1,295M
July 2024$1,497M$1,450M
August 2024$1,612M$1,556M
September 2024$1,534M$1,471M
October 2024$1,481M$1,414M
November 2024$1,462M$1,392M
December 2024$1,511M$1,436M
January 2025$1,509M$1,432M
February 2025$1,537M$1,456M
March 2025$1,504M$1,421M
April 2025$1,509M$1,422M
May 2025$1,568M$1,473M
June 2025$1,588M$1,489M
July 2025$1,407M$1,316M
August 2025$1,356M$1,265M
September 2025$1,353M$1,259M
October 2025$1,478M$1,373M
November 2025$1,543M$1,431M
December 2025$1,459M$1,352M
January 2026$1,421M$1,315M
February 2026$1,416M$1,308M
March 2026$1,500M$1,384M
April 2026$1,406M$1,296M
May 2026$1,394M$1,284M
June 2026$1,361M$1,253M

Market mix

Housing starts by dwelling type, 12 months

Housing starts by dwelling type in Victoria
Dwelling typeStartsShare
Single-detached3247.4%
Semi-detached1643.7%
Row3969.0%
Apartment and other3,50879.9%

Rental-intended starts: 66.6% of all starts.

Renovation vs. new construction

Renovation 37.9% New construction 62.1%

Share of residential building investment. Alterations are 8.0% of residential permit value (a separate source).

Growth: nominal and constant dollars

Nominal and constant-dollar growth, trailing 12 months ending June 2026 versus the prior 12 months
SeriesNominalConstant $
All residential permits−14.3%−15.9%
Single-dwelling buildings+0.5%−1.0%
Multiple-dwelling buildings−16.3%−17.9%
Residential building investment+4.8%+3.0%

Nominal growth includes construction-price change; constant-dollar growth is Statistics Canada’s price-adjusted series. They are shown side by side rather than subtracted.

All published metrics

All published construction metrics for Victoria, trailing 12 months ending June 2026
MetricVictoriaDefinition
Population445,090July 1 population estimate for the census metropolitan area.
Housing starts, trailing 12 months4,392Dwelling units started over the trailing 12 months (CMHC Starts and Completions Survey).
Housing starts per 1,000 residents9.87Housing starts (all dwelling types) over the trailing 12 months divided by the CMA population estimate, per 1,000 residents.
Housing starts, change vs prior 12 months−4.9%Change in trailing-12-month housing starts compared with the 12 months before.
Housing completions, trailing 12 months3,914Dwelling units completed over the trailing 12 months.
Housing completions per 1,000 residents8.79Dwelling units completed over the trailing 12 months divided by the CMA population estimate, per 1,000 residents.
Completions, change vs prior 12 months+7.3%Change in trailing-12-month completions compared with the 12 months before.
Units under construction9,015Dwelling units under construction at the end of the reference period.
Units under construction per 1,000 residents20.25Dwelling units under construction at the end of the reference period (a stock, not a 12-month flow) per 1,000 residents.
Under construction, change vs a year earlier+4.0%Change in units under construction compared with the same month a year earlier.
Pending starts1,742Units with a building permit issued but not yet started, at the end of the reference period.
Pending starts per 1,000 residents3.91Units with a building permit issued but not yet started, at the end of the reference period, per 1,000 residents. A secondary indicator of the current pipeline, not a forecast of starts.
Pending starts, change vs a year earlier−24.6%Change in pending starts compared with the same month a year earlier.
Dwelling units authorized per 1,000 residents8.75Dwelling units created by building permits issued over the trailing 12 months, per 1,000 residents.
Authorized units, change vs prior 12 months−27.8%Change in dwelling units authorized by building permits compared with the prior 12 months.
Residential permit value, trailing 12 months$1.36BValue of residential building permits, current dollars.
Residential permit value growth (nominal)−14.3%Change in the value of residential building permits over the trailing 12 months versus the prior 12 months, in current dollars.
Residential permit value growth (constant dollars)−15.9%The same change measured with Statistics Canada’s constant-dollar permit values, which remove construction-price change.
Residential investment growth (nominal)+4.8%Change in residential building investment over the trailing 12 months versus the prior 12 months, current dollars.
Residential investment growth (constant dollars)+3.0%The same change measured in Statistics Canada’s constant-dollar investment series.
Residential construction price index (2023 = 100)119.4Average of the four latest quarterly index values, 2023 = 100. Each market is indexed to its own 2023 prices, so index levels show price change within a market and cannot be compared across markets.
Residential construction price growth+6.3%Change in the residential building construction price index (average of the four latest quarters versus the four before). Not published for every CMA.
Renovation share of residential investment37.9%Renovation spending as a share of total residential building investment over the trailing 12 months.
Alterations share of residential permit value8.0%Permit value for alterations and improvements as a share of all residential permit value — an independent view of renovation activity.
Apartment share of housing starts79.9%Apartment and other unit types as a share of all housing starts over the trailing 12 months.
Single-detached share of housing starts7.4%Single-detached units as a share of all housing starts over the trailing 12 months.
Rental share of housing starts66.6%Starts intended for the rental market as a share of all starts over the trailing 12 months.

Compare Victoria

Where Victoria ranks

Sources and data period

Figures cover the trailing 12 months ending June 2026, the latest period published for all 16 markets. Source data retrieved through September 12, 2026. This page was built on November 8, 2026; the build date is not the data period. Values not published by the source are shown as “Not published”, never estimated.

Methodology, definitions and limitations

Dataset generated September 13, 2026.

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    Construction Market Intelligence

    An independent publication built from official Statistics Canada and CMHC data. Current data: trailing 12 months ending June 2026.

    Contains information licensed under the Open Government Licence – Canada. Not affiliated with or endorsed by Statistics Canada or CMHC.