In the last 30 years, we have added only 2723 purpose-built rental units in Greater Victoria
while the population grew by 116,000 people.
Our failure to build rentals has forced tenants to depend on private investors for their housing. However, that housing is insecure as tenants are often evicted when properties sell. BC has the highest rate of forced moves
in Canada due to insecure rental housing. This shortage encourages investors to buy up multiple homes and drive up prices because they know families have no other options for rentals. About 1 in 5 Victoria homes are owned by investors.
Current purpose built rental stock is 97% studio, 1, or 2 bed apartments
not suitable for families. We need more rental units of all types, but we especially need ground-oriented, family-suitable rental housing in all areas of the region to ensure families have a secure place to live.
Research shows even market rate rentals improve affordability
but the market alone is not enough to provide homes for everyone. Municipalities should actively provide land to build social and non-market housing, as well as adding incentives to integrate below market housing into new developments.