There’s a housing shortage in the region. A less than 0.5 per cent rental vacancy rating is enough proof of that, and at this point it would be futile to argue.
We’ve all heard the stories about bidding wars not just in the real estate market but also for rental accommodations and how some families are being forced to settle for whatever they can get, not necessarily what’s the right fit. Others are being forced to move away because they simply cannot find anything. It’s heartbreaking and a problem that won’t be righted in the immediate foreseeable future.
But one of the solutions to this problem is simple, build more housing, there’s clearly a demand that’s not going away. If you look at the rate of new developments on the West Shore are being occupied, you cannot argue that more would be welcomed.
Some of our West Shore municipalities are looking for alternative options to help with the crisis in the meantime. Langford, for example, is exploring the idea of allowing two rental suites in larger homes to help young adults save up for a down payment.
Additional units will help lower sky rocketing costs and help the market stabilize. It would also mean many families won’t have to worry about where they’re going to live in six months or a year.
But that means more development and more density. While many in the industry have pointed to the West Shore as they place to build, mostly because other municipalities just don’t have the same amount of room to grow, it means West Shore residents will have to make sacrifices.
It’s a hard reality to face for many, especially those that have called the West Shore their home for their entire lives. It’s also hard for those that have utilized what were once vacant green spaces.
We’re not saying that all development is good and that the West Shore should be paved over. We’re simply saying that more needs to be done to meet the demand and that means adding height where appropriate, focusing on establishing more centralized downtown cores and improving transportation options to get people moving all over Greater Victoria.
If we want our region to continue to grow and flourish we’re going to have to make some compromises and one of those is building for the future. In the meantime, we’ll all have to deal with the growing pains.