Major City Insights: Victoria—Autumn 2021

The Conference Board of Canada, October 13, 2021
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Thanks to COVID-19 vaccines and reduced public health restrictions, economic momentum in major cities across the country is building. Vaccine passes will help to prevent new restrictions, but the presence of variants is still a downside risk to our outlook.

Document Highlights

  • After declining by 3.3 per cent in 2020, Victoria’s real GDP will grow by 7.1 per cent in 2021 and 3.8 per cent in 2022.
  • The emergence of the delta variant and the return of some public health restrictions in British Columbia could affect Victoria’s economic recovery. However, any potential impact will be limited, given rising vaccination rates.
  • After climbing considerably in 2020, housing prices in Victoria continue to soar, largely because of the lack of property listings throughout the region.
  • Our projections assume that the lockdowns we saw in 2020 and this past spring are a thing of the past. But with the status of the pandemic still up in the air, it is possible that more stringent restrictions could be imposed in B.C.

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