Victoria Population Growth Update.

The latest data shows that while Victoria's population growth slowed a bit compared to the last couple of years, we still saw a 1.7% increase in 2024. This is still a significant jump compared to what we were seeing before 2012. National growth is expected to take a sharp dip in 2025 and beyond, but how much of that will impact Victoria is still up in the air.

As you'd expect, a lot of the growth is happening out in the western communities. However, we did see a slight dip in population growth last year in Langford, Colwood, and Sooke. While population figures are always estimates, it seems like Victoria is making some progress when it comes to helping newcomers find housing. The growth rate has been climbing from the 5-year to the 3-year average, and now we’re at a solid 2025 level. Other areas, on the other hand, have seen slower growth or even some declines—Oak Bay and North Saanich, for example. This is all by design, as these municipalities are intentionally keeping growth slower to manage development more carefully.

Migration data up to 2023 also gives us some insight. While a lot of people are moving to Victoria from smaller towns in BC, Calgary, and Edmonton, those places are also seeing Victorians heading there. When we look at net migration, we can see where most new residents are coming from. On the flip side, it’s pretty clear that a lot of Victorians are heading up the island or moving to markets where it's more affordable.