The Capital Regional District (CRD) Board approved its 2018 Regional Housing Affordability Strategy (RHAS) today.
The RHAS is made to guide the CRD in addressing housing affordability and homelessness and allow it to respond to changing housing market conditions and evolving government housing programs and policies.
Updated strategy acknowledges rising gaps in housing affordability
Responding to the current housing affordability crisis is one of the most significant challenges facing the capital region today, according to strategy documents.
The total rental demand within the capital region is estimated to reach 34,167 units by 2038—4,564 by residents in the very low income bracket.
“Background research shows that there is a critical shortfall in the number of units that are affordable to households with low to moderate incomes and for whom an affordable rent is between $500 and $875 per month,” the report states.
Report lays out goals for addressing housing affordability
Through an extensive review and consultation process with various stakeholders, five goals for the RHAS were identified:
- Build the right supply of housing across the spectrum.
- Sustain a shared regional response to existing and emerging housing demand.
- Protect and maintain existing non-market and market rental housing stock.
- Develop and operationalize a regionally coordinated housing and homelessness response.
- Create community understanding and support for affordable housing developments.
