CPABC: Population growth in Greater Victoria slows to multi-year low
VICTORIA, July 22, 2026 (GLOBE NEWSWIRE) -- According to the Chartered Professional Accountants of British Columbia’s (CPABC) quarterly BC Check-Up economic release, Greater Victoria added 3,129 new residents in 2025, bringing the total population to 445,090 people.
“Population growth slowed to 0.7 per cent, as all sources of migration to Greater Victoria eased,” noted Simon Philp, FCPA, FCMA, Market Vice President at CIBC. “As a result, the region recorded its smallest population increase since 2011.”
Between July 1, 2024 and July 1, 2025, Greater Victoria gained 1,127 people through international migration, which represented an 83.6 per cent decline year-over-year. Interprovincial (+1,414) and intraprovincial migration (+1,772) also contributed to the population increase, albeit at a slower pace than during the year prior. Meanwhile, natural growth—births minus deaths—reduced Greater Victoria’s population by 1,184 people.
“The decline in international arrivals was significant, and consistent with federal immigration policy,” continued Philp. “At the same time, housing affordability remains a challenge for attracting new residents from other parts of British Columbia and Canada.”
The benchmark price for a single-family home in Victoria was $1.16 million in June 2026, little changed from June 2025 levels. Meanwhile, the benchmark price for an apartment was $541,300, down 1.5 per cent year-over-year.
Through the first half of 2026, Greater Victoria’s housing market experienced a slowdown in activity. As of June 2026, year-to-date sales totalled 3,302, marking a decrease of 7.1 per cent compared with the first six months of 2025.
Meanwhile, the average monthly rent for an apartment in Greater Victoria was $1,805 in October 2025, up 7.0 per cent compared with one year earlier. The increase was particularly large for units with three or more bedrooms, which increased 20.8 per cent year-over-year. Average rents for units with one and two bedrooms increased by 6.3 per cent and 6.4 per cent respectively. The vacancy rate increased 0.7 percentage points to 3.3 per cent across all room types.
“Greater Victoria has made significant progress in expanding the supply of high-density housing in recent years,” concluded Philp. “While newly constructed apartments often enter the market at higher price points, increasing the housing supply remains an important step toward improving affordability in the long run.”
To learn more, visit www.bccpa.ca
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About CPA British Columbia
The Chartered Professional Accountants of British Columbia (CPABC) is the training, governing, and regulatory body for over 40,000 CPA members and 6,000 CPA candidates and students. CPABC carries out its primary mission to protect the public by enforcing the highest professional and ethical standards and contributing to the advancement of public policy.
For more information, contact the CPABC Communications Team: news@bccpa.ca
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