In response to the ongoing housing crisis in British Columbia, 10 out of 47 municipalities have taken proactive steps to address the issue head-on. These municipalities have received specific assignments to build more homes, marking a significant step toward alleviating the housing shortage in the region. Read on to find out more about the B.C. Housing Targets.
Setting the Stage
The housing crisis in B.C. has reached a critical point, impacting the lives of residents and the overall economy. Housing Minister Ravi Kahlon emphasized the urgency, stating that the crisis not only hurts people but also holds back the economy and affects essential services. The government is now actively working closely with municipalities to ensure that more homes are constructed, especially in communities with the greatest housing need.
The 10 Municipalities Taking Action
These 10 municipalities were selected as part of the Housing Supply Act, allowing the province to set housing targets that they must meet over the next five years. However, it’s not just about the number of units; each municipality has received specific housing target guidelines.
These guidelines outline the types of housing units that municipalities should build, including the number of rental units, below-market rental units, and units with on-site supports. The aim is to create a diverse housing landscape that caters to various needs.
Local Leaders’ Responses
Many municipalities, such as Vancouver, Delta, Saanich, North Vancouver, Abbotsford, Oak Bay, Kamloops, and West Vancouver, have expressed support for the housing targets. Still, they have highlighted the need for provincial support.
Victoria Mayor Marianne Alto expressed her satisfaction with the announcement, while Delta Mayor George Harvie actively requested provincial support, including increased funding and expedited rezoning processes.
Measuring Progress
The province plans to evaluate municipalities after six months, with yearly check-ins thereafter. Key progress measures include occupancy permits. However, some leaders, like Harvie, argue that occupancy permits may not fully reflect municipal actions to increase housing supply.
Infrastructure Support
Calls for increased infrastructure support for housing are growing louder. Local leaders, city councillors, and mayors have urged the provincial government to provide more funding and streamline the approval process. The province is actively committed to expediting approvals through digitization and a $10 million investment in the Development Approvals Process Review.
Ambitious B.C. Housing Targets
The B.C. housing targets set by these 10 municipalities represent a 38% increase in overall housing compared to historical projections. This ambitious effort actively addresses the housing crisis and provides more residents with access to affordable homes.
As the 10 municipalities actively embark on this journey to build more homes, they play a crucial and proactive role in reshaping the housing landscape in British Columbia. The hope is that their actions actively lead to a brighter and more accessible housing future for all residents.
Home Buyers: These housing targets aim to increase the supply of homes, potentially offering more options and easing competition for buyers, which could lead to improved affordability.
Home Sellers: Sellers in these municipalities may benefit from increased demand as more homes become available, potentially resulting in faster sales and competitive prices.
Real Estate Market: These targets represent a concerted effort to address the housing crisis, which could stabilize the real estate market by balancing supply and demand, potentially benefiting both buyers and sellers.
For more details about this check out the recent Business in Vancouver article here. Questions about how this impacts you? Call us!