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
BREAKING Israel attacks Iran, Reuters sources say; drones reported over Isfahan
Israel has attacked Iran, three people familiar with the matter told Reuters, as Iranian state media reported early on Friday that its forces had destroyed drones, days after Iran launched a retaliatory drone strike on Israel.
American millionaire Jonathan Lehrer denied bail after being charged with killing Canadian couple
American millionaire Jonathan Lehrer, one of two men charged in the killings of a Canadian couple in Dominica, has been denied bail.
Nearly half of China's major cities are sinking, researchers say
Nearly half of China's major cities are suffering 'moderate to severe' levels of subsidence, putting millions at risk of flooding especially as sea levels rise.
Prince Harry formally confirms he is now a U.S. resident
Prince Harry, the son of King Charles III and fifth in line to the British throne, has formally confirmed he is now a U.S. resident.
Judge says 'no evidence fully supports' murder case against Umar Zameer as jury starts deliberations
The judge presiding over the trial of a man accused of fatally running over a Toronto police officer is telling jurors the possible verdicts they may reach based on the evidence in the case.
Health Canada to change sperm donor screening rules for men who have sex with men
Health Canada will change its longstanding policy restricting gay and bisexual men from donating to sperm banks in Canada, CTV News has learned. The federal health agency has adopted a revised directive removing the ban on gay, bisexual and other men who have sex with men, effective May 8.
Colin Jost names one celebrity who is great at hosting 'Saturday Night Live'
Colin Jost, who co-anchors Saturday Night Live's 'Weekend Update,' revealed who he thinks is one of the best hosts on the show.
Sports columnist apologizes for 'oafish' comments directed at Caitlin Clark. The controversy isn't over
A male columnist has apologized for a cringeworthy moment during former University of Iowa superstar and college basketball's highest scorer Caitlin Clark's first news conference as an Indiana Fever player.
'Shopaholic' author Sophie Kinsella reveals brain cancer diagnosis
Sophie Kinsella, the best-selling author behind the 'Shopaholic' book series, has revealed that she is receiving treatment for brain cancer.