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. 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. 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." The District of Oak Bay is among nine Island municipalities that are getting grants from the provincial government to help streamline their housing approval processes.
In fall 2023, the province made legislative changes to try and reduce red tape at the municipal level. Better planning and improved zoning rules are part of the process. The province also developed a reporting schedule to track progress to getting houses built. All local governments must complete an interim housing needs report by Jan. 1, and then municipalities must update their official community plans and zoning bylaws by Dec. 31, 2025. 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. 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:
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:
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:
The prospect of home ownership for younger Canadians has a direct connection to their ability to tap into the "bank of mom and dad," Statistics Canada stated in a report released today on Intergenerational Housing Outcomes in Canada. The report said that expensive urban markets such as Victoria, Vancouver and Toronto had a higher proportion of "co-signed" mortgages involving people born in the 1990s and their parents.
"Parents' housing wealth was associated with higher property values for their children, especially in Toronto, Kelowna, Vancouver and Victoria. In these cities, children whose parents were at the top of the housing wealth distribution owned properties that were on average 29.6% to 37.4% more valuable than properties owned by people whose parents were at the bottom of the housing wealth distribution," Statistics Canada said. "These results suggest that parental property ownership affects not only children's ability to access home ownership as adults, but also the value of the properties they own and, therefore, their ability to build up greater home equity and financial assets." It's not everyday that your breakfast conversation includes a candid discussion with BC's Premier about the major challenges facing business in Greater Victoria.
That was the experience yesterday for 300 people at the Victoria Conference Centre as they were able to nourish their bodies while feeding their minds. After speaking about the government's plans to support the private sector and grow BC's economy, Premier David Eby engaged in a lively discussion with Chamber CEO Bruce Williams about topics submitted by Chamber members. Community safety is top of mind for many people, and the Premier acknowledged the province is trying to find a solution for challenges facing governments around the world. The recent move to ban drug use in public spaces is an example of how government reversed course on a policy that wasn't working as intended. The long-term solution is complex, with Eby noting that a continuum of care is required for people experiencing homelessness rooted in mental health or addiction. Other topics included the province's plan to avoid disruptions to ferry sailings this summer — something that happened with alarming frequency last year — and how the province can reduce obstacles for builders so that they can increase housing supply. "The morning flew by and we could have easily kept talking all day," Chamber CEO Bruce Williams said. "I'm grateful for the Premier's time and for everyone who chose to enjoy breakfast with us. We'll keep the dialogue going between business and government and work together to find innovative solutions to the challenges facing our community." The Short-Term Rental Accommodations Act took effect today. Among the changes, according to the province, are:
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. 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:
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. A new hub close to the "heart of Saanich" was given a key stamp of approval on Monday.
The District of Saanich has an extensive plan for the Uptown-Douglas area, which is at the crossroads of Greater Victoria's core municipalities. The area will be zoned to shape new development designed to grow the neighbourhood as a major hub north of downtown Victoria and between the West Shore and Saanich Peninsula. The plan includes turning Oak Street into a vibrant commercial district that creates a walkable boulevard between Uptown Mall and Mayfair Shopping Centre. The City of Victoria is updating its Official Community Plan this year. The province requires all BC municipalities to update their OCP every five years with a vision for the next 20 years. Victoria — facing a changing climate, growing population and a profound shortage of housing — is looking for input from the public and business community to help shape the next plan.
"Decisions on where housing, businesses and parks should go, how we move around the city and ways Victoria can respond to the climate crisis are all determined by the OCP," states the city's website. "If the City was a train, the OCP would be its conductor leading the way." Community engagement will continue until September and plans currently include an open house, a survey, pop-up events in the city and an online information session. Learn more at engage.victoria.ca/ocp. More spending and more taxes have many business groups concerned about the future after the federal government released its ambitious 2024 Budget yesterday.
"Canada must end the cycle of tax and spend politics," Canadian Chamber of Commerce Senior Director of Fiscal and Financial Services Policy Jessica Brandon-Jepp said. "Fueling economic growth is the key to improving quality of life and affordability for Canadians." The national chamber network opposes any measure that increases costs for businesses currently experiencing economic headwinds. We also will work with our members to understand how the increase to capital gains tax will impact business. "(The) budget contains few surprises. Most of the major new spending was announced by the government over the last few weeks, and the government’s projections for the deficit are largely in line with previous predictions," Canadian Chamber CEO Perrin Beatty said. "Our lagging productivity and stalled GDP growth means Canadians are becoming collectively poorer and working harder to just remain where they are today." New taxes will cover about $18 billion with about $57 billion in added spending:
Another successful AGM is nothing new for your 161-year-old Chamber, but the expert panel convened for yesterday's meeting could not have been more topical.
"Safe communities is a long-standing advocacy priority for us, and we know there is no simple solution," Chamber CEO Bruce Williams said. "A true fix requires a collaborative approach, though as we learned yesterday there are things we can do to improve symptoms while we work on more permanent solutions." After a series of reports of violent incidents in media, Chamber members had many questions about policing, mental health support and housing services. The need for more homes for all income levels is clear, as is a requirement for adequate health care and addiction treatment professionals. Those solutions will take time, even as the political will grows to invest in foundational change. While mistakes have been made, including in the early days of the pandemic when screening for supporting housing wasn't as closely monitored as it is now, progress is being made. The Chamber is working on policy issues such as legal reforms to keep repeat offenders off the street, and police are partnering with health authorities to enforce laws while assisting people in distress. "We can't ignore these issues facing the business community, but we also have a responsibility to not sensationalize them," Williams said. "Going Downtown is safe and our region really is one of the best cities in the world. That said, as with any city, if you don't feel safe, stay away from the few spots that are troubled, stay informed about what governments are doing and let's all be part of positive change." A new waterfront neighbourhood has been proposed for the area around the Capital Iron District. In an article in the Times Colonist, Reliance Properties CEO Jon Stovell said its plan for an arts and innovation district will go before City of Victoria council on April 18.
The proposal includes preservation of heritage buildings along Store Street and 12 new buildings over two city blocks adjacent to the Upper Harbour. The area known as the Capital Iron lands is bordered by Chatham, Discovery and Government streets. If the proposal is approved, the area will be home to 500 new housing units and provide working space for 1,800 people. It will also serve as a new home for the Art Gallery of Greater Victoria. Using available land on military bases for direly needed homes for military personnel can help solve Canada's housing crunch.
The Chamber is currently crafting a policy resolution on this solution for our national network to take to the federal government. This week, we heard good news from the feds. The defence policy update titled Our North, Strong and Free includes almost $300 million for Canadian Armed Forces Housing over 20 years. "Chamber members tell us one of the biggest hurdles for finding and keeping workers is the cost of housing in Greater Victoria," Chamber CEO Bruce Williams said. "We have thousands of Armed Forces personnel in our region, and providing more, quality housing on CFB Esquimalt land will free up homes off base for other workers." The update announced a total of $8.1 billion over five years and $73 billion over the next two decades to bring Canada closer to its NATO commitment. The District of Saanich's plan for the area around Uptown received a boost on Monday as the province announced it has secured land for a new transit-oriented development.
“Our communities are growing quickly, and people need affordable homes close to public transit, so they can get to where they need to go – and get ahead in life,” said BC Premier David Eby, who will be speaking to Chamber members on April 30. “This new development in Saanich will create a vibrant, connected community where people can find everything they need at their doorstep.” The land was bought by the BC Ministry of Transportation and Infrastructure’s $394-million property acquisition fund. Early plans for the area in Saanich include hundreds of new homes, public spaces and active-transportation connections. There will also be new retail and commercial spaces. Other suggested services include child care, community health and educational facilities. The development will integrate the Lochside and Galloping Goose regional trails to make it a hub for active transportation and BC Transit services, with connections to downtown Victoria, the University of Victoria, the Westshore and the Saanich Peninsula. “The Uptown-Douglas area is the perfect location for a high-density, transit-oriented development and regional transit hub that will no doubt be transformative for this community," Saanich Mayor Dean Murdock said in the news release. Luke Mari, principal of Aryze Developments commented on the announcement, saying “The best transportation plan is a land-use plan. When we put the right homes in the right places – near existing services amenities and transit – we can reduce our dependence on private car use.” BC Premier David Eby and Housing Minister Ravi Kahlon announced new rules yesterday to give landlords and renters more certainty regarding tenancy agreements. The proposed amendments to the Residential Tenancy Act will increase flexibility and provide clearer guidelines for issuing evictions.
“While most landlords and tenants play by the rules and have respectful relationships, too many people in BC are still facing unfair rent hikes and evictions under false pretenses,” Eby said in the media release. “At the same time, many people who have chosen to rent part of their home are struggling to end problematic tenancies.” Under the new rules, rent increases will be restricted when a family adds a child under 19 to the household. Landlords also will need to give tenants a longer notice before taking over a unit for personal occupancy. "The Chamber supports policies to increase the supply of stable housing," Chamber CEO Bruce Williams said. "This requires a balance between protecting renters and making sure the rules aren't so onerous they prevent potential landlords from renting out available units." Williams said housing will be a major topic of discussion when The Chamber hosts Premier Eby on April 30. Register now to reserve your seat at the table. Leading to Election - Breakfast with Premier David Eby
Greater Victoria's real estate industry appears to be back in season.
"We have more inventory for consumers to consider when compared with recent years. This additional inventory improves both buyer and seller confidence as it means people have more options and more reassurance that they are going to be able to find their new home," Victoria Real Estate Board Chair Laurie Lidstone said in a media release. "As people buy and move, more properties are added to the available inventory, which supports a much healthier market. Supply really is key, and looking to the future we need to ensure that focus continues on the creation of new homes of all types and price points." VREB reported 2,647 active listings at the end of March 2024 — up 12% from February and 34.4% March 2023. In the core area of our region, the benchmark value for a single family home in March 2024 was $1,279,300, up from February's value of $1,247,400. The benchmark value for a condominium in March 2024 was $567,300, up from $557,000 in February. Six new projects in Greater Victoria funded in part by the province will provide 765 affordable rental homes. Two sites, owned by the Luther Court Society, in the District of Saanich at 1525 Cedar Hill Cross Rd. and 3781 Cedar Hill Rd., will be home to 95 new units of intergenerational housing with community support space on the ground floor.
“I’m thrilled to see support from BC Housing’s Community Housing Fund going toward several innovative projects in our community," Saanich Mayor Dean Murdock said. "Once completed, they will provide affordable rental homes for families, students and seniors. We want to provide housing for people at all life stages that provides a high quality of life, and these projects certainly contribute to these goals.” Other projects in the region include:
"The need for housing supply in our region is great, and even small efforts help," Chamber CEO Bruce Williams said. "We want our region to be attractive for people to live, start a family and build a career and affordable housing is key to making that happen." The rules targeting short-term rentals in BC have been updated to provide a little more clarity.
The Short-Term Rental Accommodations Act takes effect May 1. The updates, once approved, will include an exemption from the principal-residence requirement for certain strata-titled hotels and motels, so they can continue to operate. Strata hotels and motels consist of individually owned strata lots, where accommodation is provided in a manner similar to a hotel or motel. The definition requires the facility meet certain criteria, based on whether they were operational before Dec. 8, 2023. "The Chamber has been at the forefront of calling for increased housing supply, but we also stand for fairness and have called on government to protect purpose-built visitor accommodation," Chamber CEO Bruce Williams said. "Difficult decisions are required to find the balance between having enough rooms to adequately support our important visitor economy, and ensuring there are enough homes for all residents." A recently released report by Grant Thornton says Canada's real estate industry is looking for optimism in uncertain times. The report highlights current trends impacting the real estate industry, as well as trends across residential, retail, office, industrial and alternative asset classes.
Ongoing concerns include developmental pressures created by a shortage of labour in construction, environmental challenges as governments try to meet climate change targets and stubbornly high interest rates that are dampening investment. "The general economic uncertainty we currently face has left many organizations with less appetite for risk and a resultant focus on risk management," the report states. "To secure financing, borrowers need to get out ahead of their lenders and present a balanced risk profile. It will be increasingly important to present a transparent financial picture, get to know your lenders more closely, and get in front of renewals earlier in the process so that you have time to address potential concerns. Borrowers with less liquidity or poor cash flow are going to have a more difficult time securing financing, and those that do will see less favourable terms." Canada's Finance Minister and Deputy Prime Minister Chrystia Freeland made a surprise visit to Victoria on Monday for a meeting with BC Premier David Eby. With the federal budget coming on April 16, Freeland was in town to promote her government's investment in housing across Canada. "For me, it's actually pretty simple," Freeland said at a media event ahead of her meeting with Eby. "It's housing, housing, housing. Supply, supply, supply, affordability, a strong economic plan that delivers great jobs and a real focus on younger Canadians." Freeland stated $34 million in federal funding has helped create homes in Greater Victoria — something the Greater Victoria chamber continues to call for to help our region meet the demand at the root of housing affordability. Freeland highlighted Sawyer Block on Fort Street, which has 60 rental apartments, and a project in Cook Street Village that helped build 47 rental apartments. "Through the Apartment Construction Loan Program, we will also be offering low-cost loans to post-secondary institutions — like the University of Victoria ... so that they can build more student housing on- and off-campus," Freeland said in her presentation. "This will help more students to find housing they can afford close to where they study, and at the same time, it will mean that there are more homes available for those who live in those same communities year-round." Adding on-campus housing is another long-standing chamber advocacy priority, Chamber CEO Bruce Williams said. "This is a big win for our advocacy work. We know that one of the biggest challenges for building homes in Greater Victoria is our land constraints," Williams said. "Post-secondaries have the space. They need the right financing to make housing work and this is part of that solution." |
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