Newsletter: October 9, 2023: “To Densify or Be Ordered How to Densify - That is the Question”
The Provincial Government’s has made arbitrary housing supply decisions for BC Municipalities and is passing legislation to support and enforce them. Gone are the Provencal early 2023 and 2022 rhetorical declarations, “We are going to get those Speculators and Profiteers, housing is for people not for profit”. Was this just another political fairy tale?: “A fabricated story, especially a fairy tale intended to deceive.”
In reality, what the Province has done is pass the density impacts and almost all of the costs of building a considerable amount of housing, in a short time period, onto existing residents. In effect it's a continuation of the decades of Provincial Governments' downloading their responsibilities onto municipalities without providing the necessary funding and resource support.
It’s no wonder the Saanich News headline, in an article about the arbitrary Provincial housing quotas is: “Mayors Ask for More Resources”.
The Federal Government and Provincial Government created this housing mess by their failure to control urban land speculation. The lack of government opposition and its token regulation, has allowed investment enterprises, with their access to unlimited funds, to inflate urban land prices. A housing crisis was the inevitable result.
Canadian residents have been literally, paying the price for the senior government's inaction through their excessive mortgage payments and rents. And are now having the Provencal Government's housing crisis supply solution forced on them. A solution that for decades, has not only failed to lower housing prices, but has had the opposite effect.
Oak Bay Watch Perspective
The Provincial Housing Minister has stated that the Province is taking action to make sure more homes are built in communities with the greatest housing need. He said, “This means more people will be able to find a home in the community they love.”
How so? Most Canadians can't afford to buy a home now. Victoria’s Real Estate Board (VREB) October 2023 reports that the benchmark figure for a single-family home in September 2023 was $1,312,200. The benchmark figure for a townhome, $859.000 and a condominium, $859,000. All prices increased from a year ago 3.2%, 23% and 62.5 % respectively. The medium rent in October 2023 for a 1-bedroom apartment was $2, 050.
The VERB also reported “the cost to own (housing) continues to rise”. One has to wonder isn’t the Province and Urban Development Institute’s supply side, housing crises solution i.e. building 60,000 BC new homes in the next five years, doing exactly what the unchecked Investment Industry wants? Just Asking.
Additionally, below market housing is funded with a limited amount of provincial and federal tax dollars. Will the demand, and competition for this funding restrict and limit the selected municipalities from meeting their housing targets?
This also raises more questions than answers. For example: who is gong to build all this affordable housing, developers? Are there enough skilled workers available for them to do this? With only part of the $704 million Provincial 2022-2023 budget surplus available, where will the additional millions come from that will enable all of the selected BC Municipalities to meet their affordable housing quotas?
The has been considerable pushback to the impending BC Housing Act that has been reported in a number of media reports and by BC municipal mayors. Based on this pushback. and that there has not been a shred of evidence provided that indicates more housing supply has reduced housing prices anywhere, it seems to us that existing residents will have to suffer all of the negative impacts of this new density and. they will also be expected to pay for them.
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“Nothing is inevitable if you are paying attention” Oak Bay Watch
Oak Bay Watch is a volunteer community association and its members have a variety of professional backgrounds in both the public and private sector.
*******Please help us continue to provide you with information about Community concerns and Council decisions and actions. Oak Bay Watch members also help community groups with their specific development concerns. Donate to Oak Bay Watch - even $5 or $10 dollars provides expenses for door-to-door handouts and helps us maintain our website. Oak Bay Watch is committed to ensuring the Community gets the full range of information on budget, governance, and all key development issues – a well-informed opinion cannot be made without this.
(Please use Donate Button at the bottom of oakbaywatch.com Home Page)
Keep informed and sign up for our newsletter – at the bottom of the Newsletter top Menu Item.
The Provincial Government’s has made arbitrary housing supply decisions for BC Municipalities and is passing legislation to support and enforce them. Gone are the Provencal early 2023 and 2022 rhetorical declarations, “We are going to get those Speculators and Profiteers, housing is for people not for profit”. Was this just another political fairy tale?: “A fabricated story, especially a fairy tale intended to deceive.”
In reality, what the Province has done is pass the density impacts and almost all of the costs of building a considerable amount of housing, in a short time period, onto existing residents. In effect it's a continuation of the decades of Provincial Governments' downloading their responsibilities onto municipalities without providing the necessary funding and resource support.
It’s no wonder the Saanich News headline, in an article about the arbitrary Provincial housing quotas is: “Mayors Ask for More Resources”.
The Federal Government and Provincial Government created this housing mess by their failure to control urban land speculation. The lack of government opposition and its token regulation, has allowed investment enterprises, with their access to unlimited funds, to inflate urban land prices. A housing crisis was the inevitable result.
Canadian residents have been literally, paying the price for the senior government's inaction through their excessive mortgage payments and rents. And are now having the Provencal Government's housing crisis supply solution forced on them. A solution that for decades, has not only failed to lower housing prices, but has had the opposite effect.
Oak Bay Watch Perspective
The Provincial Housing Minister has stated that the Province is taking action to make sure more homes are built in communities with the greatest housing need. He said, “This means more people will be able to find a home in the community they love.”
How so? Most Canadians can't afford to buy a home now. Victoria’s Real Estate Board (VREB) October 2023 reports that the benchmark figure for a single-family home in September 2023 was $1,312,200. The benchmark figure for a townhome, $859.000 and a condominium, $859,000. All prices increased from a year ago 3.2%, 23% and 62.5 % respectively. The medium rent in October 2023 for a 1-bedroom apartment was $2, 050.
The VERB also reported “the cost to own (housing) continues to rise”. One has to wonder isn’t the Province and Urban Development Institute’s supply side, housing crises solution i.e. building 60,000 BC new homes in the next five years, doing exactly what the unchecked Investment Industry wants? Just Asking.
Additionally, below market housing is funded with a limited amount of provincial and federal tax dollars. Will the demand, and competition for this funding restrict and limit the selected municipalities from meeting their housing targets?
This also raises more questions than answers. For example: who is gong to build all this affordable housing, developers? Are there enough skilled workers available for them to do this? With only part of the $704 million Provincial 2022-2023 budget surplus available, where will the additional millions come from that will enable all of the selected BC Municipalities to meet their affordable housing quotas?
The has been considerable pushback to the impending BC Housing Act that has been reported in a number of media reports and by BC municipal mayors. Based on this pushback. and that there has not been a shred of evidence provided that indicates more housing supply has reduced housing prices anywhere, it seems to us that existing residents will have to suffer all of the negative impacts of this new density and. they will also be expected to pay for them.
-----------------------------------------------------------
“Nothing is inevitable if you are paying attention” Oak Bay Watch
Oak Bay Watch is a volunteer community association and its members have a variety of professional backgrounds in both the public and private sector.
*******Please help us continue to provide you with information about Community concerns and Council decisions and actions. Oak Bay Watch members also help community groups with their specific development concerns. Donate to Oak Bay Watch - even $5 or $10 dollars provides expenses for door-to-door handouts and helps us maintain our website. Oak Bay Watch is committed to ensuring the Community gets the full range of information on budget, governance, and all key development issues – a well-informed opinion cannot be made without this.
(Please use Donate Button at the bottom of oakbaywatch.com Home Page)
Keep informed and sign up for our newsletter – at the bottom of the Newsletter top Menu Item.