Monday August 28, 2023 | VICTORIA, BC [Updated 2:35 pm]
by Mary P Brooke | Island Social Trends
Many people are now spending over half (or even more) of their income on putting a roof over their head — whether that’s owning or renting.
This has evolved from an overall cost of living crisis but underlined by a housing crisis over 30 years in the making. As one case in point, for 30 years no apartment rental buildings were constructed in the Greater Victoria area because developers, mortgage brokers and lenders directed their interest to the massive gains that were available in surging ahead with a booming residential sector of houses and condos, as well eventually including more townhomes and duplexes or row houses.
Today Island Social Trends asked BC Housing Minister Ravi Kahlon about any conversations the provincial government may have been having with financial institutions about loosening up their 30 percent financing qualification limit for housing as well as other forms of credit that people depend on (indirectly impacting their ability to pay for home ownership or rental).
The dream of single-family home ownership has dwindled for many households in recent years.
Kahlon shifted the conversation to one aspect of the housing crisis where there might be an opportunity for breakthrough.
Three-plex and four-plex:
“The conversations I’ve been having with our banking industry is more around making sure that financing is available for people who want to buy whether into a four-plex or three-plex,” said Kahlon today during a media session held in Vancouver.
“And for those who actually want to build into that space as well. Sometimes financing tools are not available for those that want to build that type of housing. One of our conversations has been there.”
As long as three-plex or four-plex homes are joined by some kind of common wall and roofing structure and it does not have five or more units, the property likely qualifies as a ‘-plex’ configuration.
Any quick online search for multi-family housing in the Greater Victroria area produces a range of buyer opportunities for duplex, triplex and other multi-family housing types — both new and resale.
Kahlon pointed out that lower and moderate income people and a families could be supported by more of this type of housing.
The overall supply of housing in any given neighbourhood could be multiplied by construction of multiplex housing on lots previously zoned for single-family housing. A recent example was approved in Oak Bay, which made headlines because it signaled a change in housing expectation for the neighbourhood.
Federal and provincial:
Noting the federal role in this, Kahlon said: “The federal government controls more of the levers when it comes to rules around mortgages and what the threshold can be through CMHC.”
“We’re trying to do what we have control over,” said Kahlon.
“I’ve been having great conversations with the federal government — especially over the last month around housing. They’ve looked at our housing strategy and want to participate and want to support us, which is fantastic.”
“But we’re not waiting in BC. We’ve made that clear to them. We’re going to go ahead. We’re doing what we need to do,” said Kahlon in response to an Island Social Trends media question today.
The July 6 federal-BC housing roundtable:
The housing roundtable on July 6 was set up after a request from Deputy Minister Freeland to meet with key housing representatives in BC.
During the roundtable, there was discussion about the impact of GST on rental housing, and opportunities to coordinate federal programs that fund housing with provincial programs so the program requirements are easier to meet. There was also significant discussion around Indigenous housing, both on reserve and off reserve.
Attendees included representatives from UBCM, home builders, think tanks, and academia. In attendance was now federal Minister of Citizens’ Service Terry Beech, who is a mainland BC member of parliament.
BC can’t wait:
“We can’t wait for any level of government any more,” said Kahlon today. “We have our local government partners who are ready to go. We’re ready to go. If the federal government comes to the table and can take on this housing crisis in a bigger way, and I look forward to engaging with them in the coming weeks,” the BC housing minister said emphatically.
===== BC GOVERNMENT LINKS:
- Information about the Building BC: Community Housing Fund and request for proposal can be found here:
https://www.bchousing.org/CHF - To learn more about government’s new Homes for People action plan, visit:
https://news.gov.bc.ca/releases/2023HOUS0019-000436 - To learn about the steps the Province is taking to tackle the housing crisis and deliver affordable homes for British Columbians, visit:
https://strongerbc.gov.bc.ca/housing/
===== RELATED:
Short-term rental info insufficient across BC municipalities, says housing minister (August 28, 2023)
BC hopes for continued common ground with federal government on safe and affordable housing (July 9, 2023)
===== ABOUT THE WRITER:
Mary P Brooke is the editor and publisher of Island Social Trends. She has been covering news of the south Vancouver Island area since 2008, with a focus on the west shore to start, but expanding now to cover provincial and federal news as well.
Island Social Trends was previously West Shore Voice News (2014-2020), and before that was Sooke Voice News (2011-2013) which was preceded from the inaugural publication in the series MapleLine Magazine (2008-2010).
Island Social Trends publishes news insights daily at IslandSocialTrends.ca.
Mary P Brooke holds a B.Sc. and a Certificate in Public Relations. She gives talks on the crisis state of journalism in the social media era, and also on Urban Food Resilience as a municipal and regional responsibility.
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