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
Spectacular aurora light show to be seen across Canada Friday night
A rare and severe solar storm is expected to bring spectacular displays of the northern lights, also known as aurora borealis, across much of Canada and parts of the United States on Friday night.
Which Canadian cities have the highest and lowest grocery prices?
Where you live plays a big factor in what you pay at the grocery store. And while it's no secret the same item may have a different price depending on the store, city or province, we wanted to see just how big the differences are, and why.
McGill University seeks emergency injunction to dismantle pro-Palestinian encampment
McGill University has filed a request for an injunction to have the pro-Palestinian encampment removed from its campus.
Swarm of 20,000 bees gather around woman’s car west of Toronto
A swarm of roughly 20,000 bees gathered around a woman’s car in the parking lot of Burlington Centre.
U.S. says Israel's use of U.S. arms likely violated international law, but evidence is incomplete
The Biden administration said Israel's use of U.S.-provided weapons in Gaza likely violated international humanitarian law but wartime conditions prevented U.S. officials from determining that for certain in specific airstrikes.
Barron Trump declines to serve as an RNC delegate
Former U.S. President Donald Trump's youngest son, Barron Trump, has declined to serve as a delegate at this summer’s Republican National Convention, according to a senior Trump campaign adviser and a statement from Melania Trump's office.
Mother assaulted by stranger while breastfeeding baby in her car: Vancouver police
A person was arrested in East Vancouver Thursday after allegedly entering a car while a mother was breastfeeding her four-month-old boy.
'We have laws': Premier Smith says police action justified in Calgary
The actions, including the decision to use non-lethal force, to disperse pro-Palestinian protesters from the University of Calgary campus were justified, Alberta Premier Danielle Smith said Friday.
'State or state-sponsored actor' believed to be behind B.C. government hacks
The head of British Columbia’s civil service has revealed that a “state or state-sponsored actor” is behind multiple cyber-security incidents against provincial government networks.