Housing affordability isn’t an issue as long as communities think they can do without nurses, teachers, trades people, etc, etc.
The provincial government, in its wisdom, has provided housing targets to 10 municipalities, including three in the capital region. Its purpose is to support delivering the right type of housing in each community, including a recommended number of below-market rental units.
The province wants Saanich to build 2,115 units for ownership – 46 per cent of the target. The Saanich affordability report indicates that an annual income of $158,000 is required to purchase a condominium and that only 3.7 per cent of renters have that level of income.Of the provincial target figure of 4,610 units, 1,334 should be market rental units. This meshes well with the 34 per ent of Saanich renters who have sufficient income to meet the required affordability levels.
• Affluent renters will be OK as the supply of market rental housing will increase, but they will be only able to get into the ownership market with creative accounting such as the Bank of Mom and Dad.And what should Saanich council do in response to these provincial targets?
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