CRD turns gaze on affordable housing

The Capital Regional District should investigate ways to help people buy homes, says Victoria Mayor Lisa Helps.

“We wouldn’t be inventing any wheels here. Toronto has this, Whistler has this, Canmore has this,” Helps told members of the CRD’s hospitals and housing committee.

With support of housing committee chairman David Howe, Helps got committee support to have staff report back on the implications of setting up a “financially viable and sustainable” structure to create affordable home ownership in the region.

“We’re not talking about new requisitions or taxpayer subsidy here. We’re talking about a creative approach,” she said.

In the end, staff may or may not recommend the CRD board look at a pilot project.

“We think that there is merit here to looking at what they’ve done in Calgary and Toronto and Whistler and Canmore and other places — some kind of structure to help people get into the housing market,” Helps said.

Committee member Judy Brownoff, a Saanich councillor, said she would like sort of definition of what constitutes affordable home ownership.

“I get affordability, but for me affordability is also about the energy efficiency and where the houses are placed,” she said.

A recent international survey rated Victoria as the least affordable smaller housing market in Canada.

The 2017 Demographia International Housing Affordability Survey uses the “median multiple” — the ratio of median house prices to median household income — to rate housing affordability. A median multiple of 3.0 or lower is considered affordable. —