'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
Widow looking for answers after Quebec man dies in Texas Ironman competition
The widow of a Quebec man who died competing in an Ironman competition is looking for answers.
Tom Mulcair: Park littered with trash after 'pilot project' is perfect symbol of Trudeau governance
Former NDP leader Tom Mulcair says that what's happening now in a trash-littered federal park in Quebec is a perfect metaphor for how the Trudeau government runs things.
World seeing near breakdown of international law amid wars in Gaza and Ukraine, Amnesty says
The world is seeing a near breakdown of international law amid flagrant rule-breaking in Gaza and Ukraine, multiplying armed conflicts, the rise of authoritarianism and huge rights violations in Sudan, Ethiopia and Myanmar, Amnesty International warned Wednesday as it published its annual report.
Photographer alleges he was forced to watch Megan Thee Stallion have sex and was unfairly fired
A photographer who worked for Megan Thee Stallion said in a lawsuit filed Tuesday that he was forced to watch her have sex, was unfairly fired soon after and was abused as her employee.
Amid concerns over 'collateral damage' Trudeau, Freeland defend capital gains tax change
Facing pushback from physicians and businesspeople over the coming increase to the capital gains inclusion rate, Prime Minister Justin Trudeau and his deputy Chrystia Freeland are standing by their plan to target Canada's highest earners.
U.S. Senate passes bill forcing TikTok's parent company to sell or face ban, sends to Biden for signature
The Senate passed legislation Tuesday that would force TikTok's China-based parent company to sell the social media platform under the threat of a ban, a contentious move by U.S. lawmakers that's expected to face legal challenges.
Wildfire southwest of Peace River spurs evacuation order
People living near a wildfire burning about 15 kilometres southwest of Peace River are being told to evacuate their homes.
U.S. Senate overwhelmingly passes aid for Ukraine, Israel and Taiwan with big bipartisan vote
The U.S. Senate has passed US$95 billion in war aid to Ukraine, Israel and Taiwan, sending the legislation to President Joe Biden after months of delays and contentious debate over how involved the United States should be in foreign wars.
'My stomach dropped': Winnipeg man speaks out after being criminally harassed following single online date
A Winnipeg man said a single date gone wrong led to years of criminal harassment, false arrests, stress and depression.