Housing Archives - Page 2 of 5

GVHS adds 68 affordable rental homes in Victoria

August 14, 2024/in BizNews This Week, Finding And Keeping Workers, Housing/by Jim Zeeben

Affordable housing is vital to the health of Greater Victoria’s economy and The Chamber applauds news that 68 homes will remain accessible after being acquired by the Greater Victoria Housing Society. The GVHS purchased 68 homes on properties at 430 Michigan St. and 1500 Chambers St.

“We thank our partners, through the leadership of the Province, for working with us to purchase these two buildings in Victoria,” GVHS executive director Virginia Holden said. “For years to come, we will be able to preserve these units as affordable housing, ensuring that the residents have high-quality, safe, accessible and sustainable homes.”

The society has more than 65 years of experience and looks after 1,000 homes that house families, people living with disabilities, families and working singles and couples.

The Michigan Street property has 44 homes ranging in size from studio to two-bedroom units and 1500 Chambers St. has a total of 24 one-bedroom and two-bedroom units.

Both properties are close to transit and shopping and rent at below current market rates. Approximately 70% of homes in the two buildings are affordable for households earning median renter incomes in Victoria.

Chamber calls on feds to focus funds on military housing

August 8, 2024/in BizNews This Week, Chamber Awareness, Government Federal, Housing/by Jim Zeeben

The Chamber’s proposed policy resolution calling for investment in military housing has successfully taken the next step to being officially adopted by the national chamber network.

After passing an initial review, the proposed resolution will be debated at the Canadian Chamber AGM in October.

Greater Victoria Chamber of Commerce staff worked with the Halifax Chamber of Commerce to craft the policy proposal, titled: Adding to Canada’s housing supply by strengthening Canada’s military through housing on military bases.

The resolution argues that the availability of secure and affordable homes is crucial for the retention and recruitment of members of the armed forces as well as for regional economies affected by a lack of housing.

By creating new housing on available Department of National Defence lands, Canadian Armed Forces members will be less dependent on market housing, which in turn will open up more homes for residents who work outside the military.

“We’re asking the federal government to focus funding — that it’s already announced for housing — in a way we believe will provide an effective boost to our national economy,” said Chamber CEO Bruce Williams, who is a member of the national Chamber Network Review Committee.

Camosun College getting on-campus housing at last

July 17, 2024/in Finding And Keeping Workers, Housing/by Jim Zeeben

Funds announced today will provide on-campus housing for Camosun College students at the Lansdowne campus.

“This is something that The Chamber has long advocated for, and we’re happy to see funding finally made available,” Chamber CEO Bruce Williams said. “Building housing for students will open up affordable homes in the community. This is a smart solution to the housing crisis and will help people who face challenges finding a home in our region.”

The $154.7 million six-storey building is expected to be ready by fall 2027 and will house 423 students in single, studio and quad-unit types. The building will be constructed using mass timber, targeting LEED Platinum Standards.

Camosun is contributing $3 million to the project, with the rest of the funding coming from the province.

“On-campus housing brings various social, academic and personal benefits, including greater retention rates, while freeing up rental spaces in the surrounding communities,” Camosun College president Lane Trotter said.

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.