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
'Nonsense:' Doug Ford slams lawsuits filed by Ontario school boards against social media platforms
Premier Doug Ford says that lawsuits launched by four Ontario school boards against a trio of social media platforms are “nonsense” and risk becoming a distraction to the work that really matters.
Several flight attendants from Pakistan have gone missing after landing in Canada
Multiple flight attendants from Pakistan International Airlines have abandoned their jobs and are believed to have sought asylum in Canada in the past year and a half, a spokesperson for the government-owned airline says.
Tipping is off the table at this Toronto restaurant
A Toronto restaurant introduced a surprising new rule that reduced the cost of a meal and raised the salaries of staff.
Rainfall warnings of up to 90 mm among weather alerts in effect for 7 provinces
Rainfall warnings of up to 90 millimetres, air quality advisories and other alerts have been issued for seven Canadian provinces, according to the latest forecasts.
Canada Post’s newest stamp features special cookies for Islamic holiday
Canada Post’s newest specialty stamps feature “melt-in-your-mouth” desserts to mark two Islamic festivals, the crown corporation announced Thursday.
King Charles calls for acts of friendship in first public remarks since Kate's cancer diagnosis
King Charles III gave public remarks for Maundy Thursday, addressing the importance of acts of friendship, following his and Catherine, Princess of Wales’ cancer diagnoses.
A dog and a bird formed an unlikely friendship. Their separation has infuriated followers
Peggy is a stout and muscular Staffordshire bull terrier, and Molly is a magpie, an Australian bird best known for swooping on humans during breeding season, not for befriending dogs. But in an emotional video posted online, Peggy’s owners announced that the animals had been separated.
Statistics Canada reports real GDP up 0.6 per cent in January as Quebec strikes end
Canada's real gross domestic product grew 0.6 per cent in January, helped by the end of public sector strikes in Quebec in November and December, Statistics Canada said Thursday.
Ukrainian child asylum seekers in St. John’s get class of their own
Roughly 50 children will gathered in a St. John’s classroom for the first time on Saturday for unique lessons on Ukrainian language, culture and history.