DID YOU KNOW …… MIGRATION DRIVES GREATER VICTORIA’S POPULATION GROWTH
Foreign arrivals were the largest source of new residents for Greater Victoria as its population grew by 1.5% to 402,271 residents as of July 1, 2019.
Of the 6,907 new residents who moved to Victoria between July 1, 2018 and July 1 , 2019, 2,545 counted as net migrants from foreign countries, another 2,202 arrived from other parts of British Columbia and 2,160 arrived from other parts of Canada.
It should be noted that 746 more people died in Victoria than were born during that period. Without net migration Victoria’s population would be shrinking and our robust economy would be in dire straits.
It should also be noted that Greater Victoria’s population mix is changing as well. It is getting older each year. Individuals aged 65 or older made up 17.3% of the population in 2007 but now makes up 21.4% of the population. This increase of + 4.1% has wide reaching implications for housing in the Greater Victoria area.
Greater Victoria is running out of developable land. We are situated at the southernmost tip of the Island and are surrounded by water on three sides. This being the case growth can either go north along the Island Highway corridor or go up within the current boundaries. Well thought out density is the key.
An increasing population, an ageing population, a shortage of land and rising costs for development and construction mean that condominiums, townhouses and purpose built apartments are the way of the future.
ProJex Marketing Ltd recognizes the above and is uniquely positioned through its robust advertising and sales programs to reach out to those moving to Victoria and assist them in connecting with Victoria’s strong real estate development community.