'Easier said than done': CMHC report calls on private developers to fix Canada's housing shortage
There is a perfect storm brewing that could make Greater Victoria’s housing supply crisis worse.
“There is a structural problem in the housing market in this province and especially in Greater Victoria,” said Ben Mycroft, director of development at GableCraft Homes at Royal Bay.
He says skyrocketing interest rates, a skilled and unskilled labour shortage and a lack of land to develop on is preventing more units of housing from being built, and there is another squall coming.
“We’re headed into an economic recession, so banks are less interested in lending money,” said Mycroft.
Canada Housing and Mortgage Corporation is out with a new national report addressing what steps need to be taken in order to fix the housing shortage and affordability issues across the country.
In short, the report says Canada must build more units of housing, pointing toward the public sector and the private sector, saying government can’t fix the situation on its own.
“It’s definitely easier said than done,” said Mycroft, adding that a broken municipal approval process is standing in the way of building more supply, more quickly.
“You’re looking at wanting to build a new apartment building, the reality is, it’s probably going to take you five years from the idea to occupancy, if you make it there,” said Mycroft.
The province attempting to change that, first with a carrot and stick approach for municipalities doing a good job on the housing front.
“Those types of municipalities are going to see funding come in and even funding for staffing,” said Dan Reeve, an instructor of political science at Camosun College.
For those municipalities dragging their feet, the province may step in with a heavy hand.
“If you won’t change your zoning bylaws, the province will eventually need to start doing it for you,” said Reeve.
With the federal government aiming to welcome 500,000 immigrants a year by 2025, we are going to need to start building a lot more housing in this country.
“There are solutions and I think the government is really the source of those solutions,” said Mycroft.
He noted that the federal government owns a lot of land in the capital region, much of it occupied by the Department of National Defence.
“Making some of that land available for higher-density housing [would help],” said Mycroft.
CTVNews.ca Top Stories
NDP motion regarding Palestinian statehood passes after major Liberal alterations
A motion from the federal New Democrats initially calling on Canada to recognize the 'State of Palestine' passed amid widespread acrimony on Monday, after the Liberals drastically altered its wording to see the government simply work towards that aim as part of a two-state solution.
'He didn't want to die': Family of Calgary man killed in standoff speaks out
Family of a Calgary man killed after a 30-hour standoff with police last week are speaking out, sharing details of the tense and heart-wrenching experience.
Toronto family doctor who called patient's body 'perfect' suspended for 3 months: tribunal
A family doctor in Toronto has been suspended for three months after a disciplinary tribunal found that he failed to follow proper protocols while examining a patient's breasts and made inappropriate comments about her body.
Ohio mom who left toddler alone 10 days when she went on vacation pleads guilty to aggravated murder
An Ohio mother whose 16-month-old daughter died after being left home alone in a playpen for 10 days last summer while she went on vacation was sentenced Monday to life in prison with no chance of parole.
Retired teacher pleads guilty to paying for sex with 15-year-old in Collingwood, Ont.
In a Barrie courtroom on Monday, a retired high school teacher from the Niagara Region pleaded guilty to sexual touching and obtaining sexual services from a 15-year-old boy in Collingwood in 2021.
Hertz CEO out following electric car 'horror show'
The company, which announced in January it was selling 20,000 of the electric vehicles in its fleet, or about a third of the EVs it owned, is now replacing the CEO who helped build up that fleet, giving it the company’s fifth boss in just four years.
5 charged in Calgary kidnappings that targeted women
Calgary police have charged five men in a pair of kidnappings last year that targeted innocent victims.
Demand soars for solar eclipse glasses in Canada. Are they worth buying?
The demand for total solar eclipse glasses used to safely view the rare celestial event has been ramping up as sellers, along with astronomy and eye-care experts in Canada, warn that viewing the eclipse with the naked eye is dangerous.
Canadian commander of volunteer fighter group dies in Ukraine
A Canadian-born commander of the so-called Norman Brigade, a volunteer fighting group in Ukraine, has died.