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Victoria’s housing landscape is dominated by the strata model, and any Depreciation Report prepared here must acknowledge its scale. A 2024 Zero Emissions Innovation Centre release confirms that the City of Victoria and neighbouring Saanich host 1,078 residential strata corporations, home to 30,355 households—by far the largest concentration of shared-ownership buildings on Vancouver Island. Strata corporations range from landmark towers in Songhees and Harris Green to modest walk-ups in Fernwood, all of which now face the province-wide five-year Depreciation Report cycle.
Current records show every one of these 1,078 corporations is classed as residential. No audited data exist for commercial-only or industrial-only strata corporations inside Victoria’s municipal boundary, so those categories are omitted from the totals. While mixed-use projects such as Dockside Green and Shoal Point include strata retail or office lots, they remain part of the parent residential strata and are not tracked separately by either BC Assessment or the Land Title and Survey Authority.
Strata living began locally soon after the 1966 Strata Titles Act, with early downtown conversions in the 1970s and the first purpose-built condominium towers in the mid-1980s. Plans filed at the Victoria Land Title District carry the prefixes “VIS” (Victoria Strata Plan) and, for electronic filings since 2007, “EPS” (Electronic Plan Strata)—codes you will see at the top of every Depreciation Report prepared in Victoria.
Strata housing now represents roughly 62 percent of all 49,222 occupied private dwellings counted in the 2021 Census, a market share not matched by freehold lots or cooperatives. Over the next decade Victoria plans thousands of new strata units in infill towers along Yates, Johnson and Hillside, while the city’s Official Community Plan targets additional bare-land strata subdivisions at the urban fringe. Mandatory Depreciation Reports (in force July 1 2024) and incentive programs for deep-energy retrofits will keep reserve-fund planning—and the Depreciation Report itself—at the heart of every strata council agenda.