I wonder if the Victoria condo market is in a virtuous cycle. As derelict lots and uninspiring properties get redeveloped it makes downtown more appealing to all types of people, including potential residents. As more residents live downtown, its drawbacks get cleaned up and the perceptions that downtown is a dirty dangerous place full of addicts change. As downtown gets cleaned up, more people consider living there and more buildings are constructed. It seems like downtown Victoria is becoming more and more 'the place to be' for all types of people.
I'd be interested to see the net increase of downtown homes since 2004 when I first moved here. I'm sure the number would surprise many, and I wouldn't be shocked to see it lie somewhere around 2,500 homes.
According to our stats on VV and SkyscraperPage, 1,368 homes were built
from approximately that period (2006-2013) strictly within the downtown Victoria and Harris Green areas. These stats do not include heritage restorations nor all 3 to 4-storey structures (Palladian and the one behind it the name of which I can't remember, and there must be a few more but I did include The Urban, 601 Herald and SoMa) which would easily add another 100 to 150 units.
So to see approximately 450 downtown/Harris Green units (550 if you include the Q Apartments) currently underway represents a massive 30-40% increase in residences. If you think about it, what has been accomplished over a period of about seven years will be accomplished in just two years (2013-2014) and for this market that's quite the condo boom.