One of the solutions for helping employers find and keep workers in Greater Victoria is to ensure there are homes for all income levels. A proven method to do that is non-market housing that provides homes for the people who help tourism and hospitality businesses operate at their full potential. Affordable rent is key, and helping non-profit organizations manage housing to create homes for workers is a practical way to keep our region's economy resilient and sustainable.
The province's recent creation of a $500 million Rental Protection Fund has the potential to help, by allowing non-profits to acquire affordable housing units facing market pressure to be redeveloped. "According to Canada Mortgage and Housing Corporation data, between 1991 and 2021, approximately 97,000 purpose-built rental units in B.C. were either redeveloped or converted to more expensive units." states the province's news release.
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