The province is requiring more housing. Rents are high, vacancy is low, and the rules have changed. Here's what's actually happening - and what it means for the Parksville you chose.
Rental market conditions, development activity, and the policy framework guiding how Parksville grows.
A 0.9% vacancy rate signals a very tight rental market — well below the 3% threshold generally considered healthy.
1,209 rental units surveyed by CMHC in the 2025 Rental Market Survey.
| Year | Permits | Value |
|---|---|---|
| 2022 | 143 | $102M |
| 2023 | 80 | $68.5M |
| 2024-25 | Steady activity | |
2022 was a record year — 143 permits worth $102M in construction value. 2023 saw 80 permits including 237 multi-family units, worth $68.5M.
DCCs collected in 2023: water $1.26M, roads $582K. These charges ensure new development pays its share of infrastructure expansion.
Total DCC fund balance: $12.9M at end of 2023 — earmarked for water, sewer, drainage, and road infrastructure tied to growth.
Bills 44 and 46 (2023-2024) fundamentally changed how BC municipalities plan for housing:
These reforms mean Parksville must plan further ahead — and invest in the infrastructure to support the housing the province requires.
A mix of market rental, affordable, and supportive housing — all at various stages of approval and construction.
14.2% of Parksville residents are in core housing need (2021 Census) — spending more than 30% of income on shelter that doesn't meet adequacy, suitability, or affordability standards.
With a median household income of $63,500, the gap between what residents earn and what housing costs continues to shape the community's greatest challenge.
| Year | Permits | Value | Notes |
|---|---|---|---|
| 2017 | — | $44.5M | |
| 2019 | — | >$68.5M | High-value year |
| 2020 | — | >$68.5M | High-value year despite COVID |
| 2022 | 143 | $102M+ | Record year |
| 2023 | 80 | $68.5M | 237 multi-family units ($56.5M), 11 commercial ($2.7M) |
| Year | Vacancy Rate | Avg Rent | Notes |
|---|---|---|---|
| 2017 | ~0.0% | ~$811 | Effectively zero vacancy |
| 2018 | Very low | ~$906 | 8% rent increase YoY |
| 2022 | 0.6% | $1,377 | Rents up ~50% since 2019 |
| 2024 | ~2.0% | — | Vacancy improving meaningfully |
| 2025 | 0.9% | $1,573 | CMHC Rental Market Survey |
That's not a slogan - it's the test. Can the people who work in our restaurants, care for us in our homes, and teach in our schools actually live in this community? Getting housing right means asking that question honestly.
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