Victoria housing crunch hitting students hard
Work is being completed on the University of Victoria’s new residence hall, which will be ready to welcome 400 students in September.
The accommodations are desperately needed, say many students, including one Master's counselling student who told CTV News anxiety levels are palpable amongst those trying to find housing.
Other students said they’d looked for four months or more to find a place to live, with several noting the prices are significantly higher closer to campus.
The Canada Mortgage and Housing Corporation blames a lack of supply of purpose-built rental buildings for the rental-housing crunch hitting all of Greater Victoria.
Pershing Sun works for CMHC. She notes new purpose-built rentals in the region are down this year compared to last.
“There were about 243 rental units completed from April to June, but that was about 60 per cent lower than last year's completion levels,” said Pershing on Tuesday.
The CMHC’s latest numbers show a vacancy rental rate of one per cent in Victoria — slightly worse than Vancouver’s rate of 1.2 per cent vacancy.
The organization says rental prices in the capital are at all-time highs – a trend that’s been developing for a few years, and one that reflects sky-high real estate prices, forcing many to rent.
Hunter Boucher with LandlordBC notes most everything, including insurance, has become more expense in the past year.
“The cost of building a new building today, compared to even just two years ago, is astronomically higher,” says Boucher, who says low vacancy rates are creating an unhealthy market for both renters and landlords.
Boucher also says more purpose-built rental supply is needed.
CTVNews.ca Top Stories
'A beautiful soul': Funeral held for baby boy killed in wrong-way crash on Highway 401
A funeral was held on Wednesday for a three-month-old boy who died after being involved in a wrong-way crash on Highway 401 in Whitby last week.
'Sophisticated' cyberattacks detected on B.C. government networks, premier says
There has been a "sophisticated" cybersecurity breach detected on B.C. government networks, Premier David Eby confirmed Wednesday evening.
Police handcuff man trying to enter Drake's Toronto mansion
Toronto police say a man was taken into custody outside Drake's Bridle Path mansion Wednesday afternoon after he tried to gain access to the residence.
Biden says he will stop sending bombs and artillery shells to Israel if they launch major invasion of Rafah
U.S. President Joe Biden said for the first time Wednesday he would halt shipments of American weapons to Israel, which he acknowledged have been used to kill civilians in Gaza, if Prime Minister Benjamin Netanyahu orders a major invasion of the city of Rafah.
Canucks claw out 5-4 comeback win over Oilers in Game 1
Dakota Joshua had a goal and two assists and the Vancouver Canucks scored three third-period goals to claw out a 5-4 comeback victory over the Edmonton Oilers in Game 1 of their second-round playoff series Wednesday.
Nijjar murder suspect says he had Canadian study permit in immigration firm's video
One of the Indian nationals accused of murdering British Columbia Sikh activist Hardeep Singh Nijjar says in a social media video that he received a Canadian study permit with the help of an Indian immigration consultancy.
Pfizer agrees to settle more than 10K lawsuits over Zantac cancer risk: Bloomberg News
Pfizer has agreed to settle more than 10,000 lawsuits about cancer risks related to the now discontinued heartburn drug Zantac, Bloomberg News reported on Wednesday, citing people familiar with the deal.
Quebec premier defends new museum on Quebecois nation after Indigenous criticism
Quebec Premier Francois Legault is defending his comments about a new history museum after he was accused by a prominent First Nations group of trying to erase their history.
U.S. presidential candidate RFK Jr. had a brain worm, has recovered, campaign says
Independent U.S. presidential candidate Robert F. Kennedy Jr. had a parasite in his brain more than a decade ago, but has fully recovered, his campaign said, after the New York Times reported about the ailment.