VICTORIA, B.C. — Half a decade into the Housing Strategy, the City of Victoria is on track to meet the ambitious goal of 6,000 new homes by 2025. The City’s commitment to housing initiatives has supported affordability, increased housing diversity and boosted non-market housing developments in Victoria.
“Five years ago, we set out with a bold vision to foster a city with more affordable housing options for more people,” said Mayor Marianne Alto. “This Council doubled down on those commitments. The results clearly show the impact of that vision — more homes, more choices, and a clear, intentional path forward to meet the housing needs of our evolving city.”
2024 Major Housing Milestones:
• Housing Supply Goals on Track: Seventy-eight per cent of the 6,000 new homes promised by 2025 have been approved.
• Housing Diversity Leader: A wide range of diverse housing types have been delivered for families, seniors, students and individuals at all life stages.
• Higher Rental Vacancy Rates: Purpose-built rentals have exceeded the 1,900 target to outpace the 10-year average, which has led to Victoria’s highest vacancy rate in over a decade.
• Driver of Non-Market Housing Supply: Six affordable buildings with 488 new affordable homes have been completed, more than double the number completed in 2023.
“These milestones would not have been possible without significant efforts by our Planning and Development Department and the staff that support them across every department in the City,” said Alto.
The City releases a yearly Housing Strategy Report to showcase progress on housing initiatives and current housing trends in Victoria. Now in the sixth year of the Housing Strategy, the City remains committed to further delivering on its housing promises with a continued focus on the innovative partnerships and policies that have brought significant results to date.
The Housing Strategy defines the City’s role in the provision of affordable housing, assesses and forecasts Victoria’s affordable housing needs now and in the future and establishes targets and tools to meet those needs.
Housing is one of eight priorities in Council’s 2023-2026 Strategic Plan, with “Enable more market and non-market housing and diversify housing types and distribution” as an action.
Explore the Housing Strategy Story Map to learn more about the housing milestones achieved over the last five years.
Media Contact:
Colleen Mycroft
Manager, Intergovernmental and Media Relations
250.896.5325 | cmycroft@victoria.ca