Housing Archives - Page 2 of 4

New supportive housing units a good investment

July 3, 2024/in Finding And Keeping Workers, Housing, Safe Communities/by Jim Zeeben

A new five-storey building has opened at 953 Balmoral St. with 56 units of supportive housing operated by the Cool Aid Society.

“We are very excited to have partnered with BC Housing to offer 56 brand new units of supportive housing at one of Cool Aid’s original sites,” Cool Aid CEO Elin Bjarnason said in a media release. “The building at 953 Balmoral is beautiful – both inside and out – and we know that people will be thrilled to call it home.”

Having homes for people is the cornerstone for safe communities, which enable businesses to create a vibrant, healthy economy that works for everyone. Chamber members have identified housing as an advocacy priority, and we continue to work to support the construction of more homes in our region. We also recognize that people experiencing homelessness often face mental health and addiction challenges and need housing with appropriate care.

“It should be common sense that everyone benefits when we invest in helping people to be part of our community and not become street entrenched,” Chamber CEO Bruce Williams said. “Our community partners at Victoria Cool Aid Society and BC Housing are doing some heavy lifting that will make life better for all of us.”

Real estate market continues showing signs of calm

July 3, 2024/in Business And Economic Strength, Finding And Keeping Workers, Housing, Inflation And Rising Costs/by Jim Zeeben

The region’s real estate market appears to have taken a deep breath in June, as overall sales were down 13.4% from May. The numbers reflect seasonal expectations.

“I think this is good news, as the more stable the market is, the more it supports both buyers and sellers,” Victoria Real Estate Board Chair Laurie Lidstone said in a media release. “If we continue to see seasonal norms in our market, the upcoming summer months will be slower and quieter than spring was, as consumer priorities shift to vacations and outdoor pursuits. If the pattern continues, we’ll likely see an increase in activity as fall nears.”

There were 3,460 active listings at the end of June, up 3.7 % from May.

June’s benchmark value in the Victoria Core was $1,295,500 for a single family home and $567,900 for a condo.

Access to help key to making community safe for all

June 19, 2024/in Chamber Awareness, Housing, Safe Communities/by Jim Zeeben

Feeling safe at home and at work is a fundamental requirement for good business and great community. The Chamber supports initiatives such as two recent announcements about investments in housing and support programs to help people reintegrate into society.

Access Hub for Street Community
The City of Victoria has agreed to provide up to $1.8 million for the operations of a new access hub facility at 2155 Dowler Pl. that reduces the risk and impacts of homelessness. Funds come from the Financial Stability Reserve, which can be used in situations related to public safety.

The 5,264 square-foot property will include community space for people to have immediate access to supports aimed at breaking the cycle of homelessness. The property will be fenced and security will be on site to address any impacts on neighbouring properties

Transitional Housing for Fresh Start
On Tuesday, the province announced plans for 28 transitional homes with supports for people leaving the correctional system. Located at 736 Princess Ave., the six-storey building will be owned and operated by the John Howard Society of Victoria, which is dedicated to helping people with programs and services focused on employment, housing, mentorship and restorative justice.

The building will be the John Howard Society’s new headquarters. The upper floors of the building will have 28 studio apartments, each with a private washroom and kitchenette.

Saanich approves 24-storey tower at Uptown

June 12, 2024/in Business And Economic Strength, Finding And Keeping Workers, Housing, Streamlined Regional Regulations, Transportation Options/by Jim Zeeben

A new tower that will create a notable landmark for people entering Greater Victoria’s core has been approved by District of Saanich council.

The 24-storey apartment building will house 318 rental units on the corner of Carey Road and Ravine Way. A residential building on the site was part of the original proposal for Uptown. The new building will also include commercial space and cycling amenities.

Saanch has a long-range vision for transforming the neighbourhood into a central hub that will become the heart of the municipality.

Bank of Canada drops interest rate for first time in four years

June 5, 2024/in Business And Economic Strength, Housing, Inflation And Rising Costs/by Jim Zeeben

Finally. The weather forecast calls for clear skies and warm days this weekend, the HarbourCats have fireworks planned for Saturday night, after their homeopener on Friday — and the Bank of Canada has taken the initial step to reduce the pain of high interest rates.

For the first time since March 2020, the bank lowered its overnight rate. It’s now 4.75%, down from 5%, and expected to drop further in the months ahead.

“We’ve been hearing from members who have felt squeezed by the high rates and what that has meant for their customers who have been feeling squeezed themselves,” Chamber CEO Bruce Williams said. “No one wants inflation to return, but we’re hopeful this move by the bank marks a return to stability needed for businesses to make those investments that help them grow.”

The bank’s governor, Tiff Macklem, was careful not to promise future cuts, but the Conference Board of Canada stated that conditions are right for the rate to fall further.

Real estate market showing signs of spring thaw

June 5, 2024/in Business And Economic Strength, Housing/by Jim Zeeben

The Victoria Real Estate Board released its latest take on the region’s market this week, before the change in interest rates was announced.

“A lot of folks who have been watching the market over recent years may find that now is a good time to sell and buy as market conditions have changed for the better,” VREB Chair Laurie Lidstone said.

A total of 763 properties sold in the region this May, slightly less than the same month last year. There were 3,338 active listings for sale at the end of May, a 52.5 per cent increase from the 2,189 active listings for sale at the end of May 2023.

The benchmark value for a single family home was $1,309,700, up from April’s value of $1,301,800. The benchmark value for a condominium in May 2024 was $569,500, up from the April value of $561,200

Building Permit Hub going live in Saanich, Victoria

May 29, 2024/in Finding And Keeping Workers, Housing/by Jim Zeeben

More homes.

That’s the simple answer to so many of the complex challenges affecting our economy — from attracting and keeping workers to providing shelter for people camping on city streets.

The Chamber consistently advocates for policy changes and investment that will boost our housing supply. And we applaud the latest announcement this week that sees a pilot Building Permit Hub begin operations in select regions of the province, including in the City of Victoria and the District of Saanich. The online tool is expected to be available at the local level this summer.

The goal is to streamline and standardize local permitting processes that can be complicated and delay home construction.

“This new one-stop shop for local building permits will reduce red tape for homebuilders, local governments and First Nations, and ultimately save money, speed up construction and help people get into homes faster,” BC Premier David Eby said in a news release.

The new hubs:

standardize building-permit submission requirements across BC jurisdictions
automatically check that the permit application is complete; and
automatically check compliance with key parts of the BC Building Code.

The Building Permit Hub is scheduled to scale up over the next year to include more types of housing, and eventually serve more municipalities and First Nations in BC.

Our Place aims to house Pandora campers by January

May 9, 2024/in Housing, Safe Communities/by Jim Zeeben

The CEO of Our Place Society announced yesterday that he hopes to find homes by the end of the year for people living on the street in the 900-block of Pandora Ave.

“It distresses me to see so many displaced people,” Our Place CEO Julian Daly said in a media release. “No one should be consigned to living on the pavement in our city. It’s a crying shame. All people deserve so much better.”

Our Place, located in the middle of the Pandora encampments, recently surveyed people living on the street. Not surprisingly, all of them hoped for a better life.

“Each person told us they wanted housing, and what supports they needed to be successful once housed,” Daly said, noting the survey showed people need help with addiction and mental health as much as they do with housing.

“There is no one-size-fits-all solution,” Daly says. “Instead, we have to tailor our supports to the individual.”

Some of the highlights of the survey were:

0% said they wanted to remain living on the streets
15% have struggled with homelessness for over 10 years
23% of individuals living on the block are female
23% of individuals are over the age of 50
39% of people are currently interested in accessing treatment programs
80% have been homeless for more than 1 year
85% have untreated physical health conditions
95% are currently struggling with their mental health.

“Our Place is one of the charities that is actively trying to help,” Daly said. “We did not create or enable the situation on Pandora, and we, as much as anyone, want to find a solution to it. In fact, our aim is to secure housing for everyone currently camping on Pandora before the end of the year.”

Secondary suite program aims to add 3,000 homes

May 8, 2024/in Government Local, Government Provincial, Housing/by Jim Zeeben

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).

New rules for short-term rentals effective May 1

May 1, 2024/in Fair Rules, Government Local, Government Provincial, Housing/by Jim Zeeben

The Short-Term Rental Accommodations Act took effect today. Among the changes, according to the province, are:

Short-term rentals can only be offered in the principal residence of a host, plus one additional unit, secondary suite or laneway home/garden suite on the property.
Strata hotels and motels that have been operating in a manner similar to a hotel or motel before Dec. 8, 2023, and that meet select criteria moving forward, will be exempt from the Principal Residence Requirement.
Non-conforming use of property will no longer apply to short-term rentals.
Short-term rental hosts will be required to display a valid business licence number on their listing.
Short-term rental platforms will be required to share data with the Province.

If the new rules aren’t followed, fines can be levied ranging from $500 to $10,000 per day, depending on who is operating the rental.

BC Minister of Housing Ravi Kahlon told the Times Colonist that short-term rentals will be available on a smaller scale as the new rules aim to stop people from taking away large numbers of housing units that could serve as homes for people.

New Rules for STRs