Business and industry groups have been calling for policy changes to address the housing shortage facing Greater Victoria. And while many regions in the world are facing a similar challenge, we need solutions that work for Canada and BC.

Last week, the province revealed its three-year pilot to encourage homeowners to add secondary suites to their properties.

BC Housing will administer the program, which offers forgivable loans of as much as 50% of the total cost of renovations — up to a maximum of $40,000 — to add a secondary suite or accessory dwelling unit such as a garden suite, laneway house or carriage home. If the new unit is rented at below market rates for at least five years, the loan will be forgiven.

The province estimates the program will add 3,000 new rental units at below-market rates.

To be eligible, homeowners must also:

obtain a building and occupancy permit from their local government;
have a combined gross annual income of homeowners on title of less than $209,420; and
have a BC Assessment value on their property below the homeowner grant threshold ($2.15 million in 2024).

On Tuesday, the provincial government released the next round of municipalities facing scrutiny to ensure they are helping increase BC’s housing supply.

The next 20 priority municipalities include the following in Greater Victoria:

Central Saanich
Colwood
Esquimalt
North Saanich
Sidney
and View Royal.

The first list, released last spring, included the City of Victoria, the District of Saanich and the District of Oak Bay. Each community receives a target number of total units that are expected to be built within a specific time-frame. The targets for the latest communities will be made public this summer.

“The Chamber supports efforts to increase housing supply and we continue to advocate for all levels of government to smooth the process for builders so the construction work needed can be done,” Chamber CEO Bruce Williams said. “I’m looking forward to speaking with Premier Eby next week at the Chamber breakfast to hear firsthand how the province is advocating for support from the federal government.”

The Chamber hosts Premier Eby on April 30. Register now to reserve your seat at the table.