Southern Gulf Islands Updated Housing Market Analysis

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Southern Gulf Islands  
Updated Housing Market Analysis 
Report  
February 2022 

 
 
 
 
 
 
Prepared for the Capital Regional District 
 
 
By Urban Matters CCC 
 

 
 
 
 
 
Acknowledgements 
The Capital Regional District Southern Gulf Islands is located on the traditional territories of the 
territories of the Coast and Straits Salish peoples. 
We are grateful for the contributions, time, and energy from the Capital Regional District Community 
Liaisons, Victoria Real Estate Board, and community members who participated in the development of 
this report.

 
 
 
 
 
 
 
 
 
 
 
 
 
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 Southern Gulf Islands Updated Market Analysis  | i 
Executive Summary 
The Southern Gulf Islands (SGI) Housing Needs Assessment completed in 2018 provided the Capital 
Regional District (CRD) with insights on baseline and projected housing needs. Due to COVID-19, housing 
prices (sales and rentals) have increased. This is consistent with significant real estate increases seen in 
other parts of the province. This reporting provides an updated market analysis of the housing market 
across the SGI communities.  
Between 2017 and 2021, median sales prices have increased significantly: between 35% to 137% 
depending on the island.   
Median Sales Price for Single-Detached Dwellings by Southern Gulf Island
1
, 2017-2021 
 
From 2018 to 2021, the housing inventory and market conditions have made purchasing or renting 
housing less accessible for residents and workers on the SGI.  Across the SGI, there has been moderate 
gains in new housing builds and starts (Recent Completions by Building Permit Data), primarily focused 
across Galiano Island and North and South Pender Islands. 
Since 2018, there has been limited improvement in housing affordability for homeowners and renters. 
Home ownership remains out of reach for many households due to increasing housing costs and 
challenges with attaining affordable mortgages.  
Data on the primary rental market is limited and is not collected through the Canada Mortgage Housing 
Corporation’s (CMHC) Rental Market Survey. To understand the rental market across the SGI 
communities, a background review of Islands Trust and CRD documentation was completed, in 
conjunction with targeted interviews. Community members rely on word-of-mouth communication to 
prioritize housing for local residents due to the competitive nature of the limited rental housing stock. 
Rental stock is difficult to track due to the informal nature of how rental availability is shared (i.e., not 
through real estate platforms).  
                                                             
1
 Single-detached dwelling sales data is not available for Saturna Island for 2021. The percent change for Saturna is calculated from 2017-2020. 
$465,000
$1,101,000
$389,000
$595,000
$479,500
$647,500
$324,000
$716,500
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
20172018201920202021
GalianoMaynePenderSaturna
+137%

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