Unfortunately, by the time any new development proposals move through our slow as molasses approvals processes, the market may be totally different.
True to a certain extent, especially when City Hall insists on public input for a gazillion years prior to making any decisions (22 Cook Street anyone?). I would imagine the desire to live in Victoria will stay steady for the foreseeable future, especially as there are still many "Boomers"* moving into their retirement years over the next decade.
* and a few Gen X-ers getting there too.