The number of condo units in downtown Victoria has increased by 10-times since 2016. (Black Press files)

Downtown Victoria sees 10-fold increase in condo units since 2016

A report by the Downtown Victoria Business Association details ongoing construction trends

Cranes have taken over the city’s skyline while pylons and reroutes have taken over the streets below. This ongoing development boom has seen a rapid increase in real estate, retail and rental spaces unparalleled in recent history.

According to a new report put forward by the Downtown Victoria Business Association (DVBA), in the past three years alone the number of condominium units has increased ten-fold.

READ MORE: Downtown Victoria receives B+ grade from local businesses

In 2016, the report reads, the number of downtown condo units sat at 122. By the end of 2019, this will sit at 1,218 thanks to 598 condo units completed by 2019, with an additional 620 condo units still under construction in 2019.

Comparatively, the number of rental units in the downtown area has only tripled, sitting at 176 in 2016 and estimated to be at 529 by the end of 2019.

ALSO READ: Longtime downtown Victoria restaurant gets renovicted

Retail space has increased by more than 7.5 times, with 18,690 sq. ft. available in 2016, and an estimated 145,230 available by the end of 2019.

ALSO READ: University of Victoria scraps student housing plan, opts for hotel instead

Office space, however has seen a slowdown this year, following a significant jump in 2017 and 2018 with the completion of the sites at 1515 Douglas St. and 750 Pandora Ave. which combined saw an additional 280,000 sq. ft. Despite the new space, office vacancy has seen a dip, dropping from 7.2 per cent in 2017 to 6.4 per cent in 2018. No new office space is currently slated for construction in 2019.

nicole.crescenzi@vicnews.com


Send a Tweet: @NicoleCrescenzi

Like us on Facebook  

Just Posted

‘More animals could have a chance:’ Victoria Humane Society in desperate need of a home

Animal rescue currently has 163 animals in foster and volunteer homes

Central Saanich accused of not following Climate Emergency declaration with urgent action

Motion to research climate response options and costs rejected then rescheduled in tense meeting

Free-B Film Festival celebrates 20th anniversary

Head to Victoria’s Beacon Hill Park to see some family favourites on the big screen

Join North Saanich invasives removal and experience three key benefits

Friends of North Saanich Parks says July 27 clear-up will be rewarding as well as green

Light up August with a lantern building workshop in Sidney

ArtSea workshops in preparation for Aug. 24 Salish Sea Lantern Festival

Rich the Vegan scoots across Canada for the animals

Rich Adams is riding his push scooter across Canada to bring awareness to the dog meat trade in Asia

Vancouver Island teens missing after vehicle found ablaze near Dease Lake, BC

RCMP say a body discovered nearby not one of the missing teens

A year later, ceremony commemorates victims of the Danforth shooting

It’s the one-year anniversary of when a man opened fire along the bustling street before shooting and killing himself

Japanese Canadians call on B.C. to go beyond mere apology for historic racism

The federal government apologized in 1988 for its racism against ‘enemy aliens’

B.C. VIEWS: NDP pushes ahead with Crown forest redistribution

This isn’t the time for a radical Indigenous rights agenda

Two dead in two-vehicle crash between Revelstoke and Golden

RCMP are investigating the cause of the crash

Ottawa fights planned class action against RCMP for bullying, intimidation

The current case is more general, applying to employees, including men, who worked for the RCMP

Alberta judge denies B.C.’s bid to block ‘Turn Off the Taps’ bill

He said the proper venue for the disagreement is Federal Court

Most Read