Victoria hit its housing target. The homes people can actually afford? Not so much
Over six years, Victoria approved 6,448 building permits for new housing, comfortably ahead of the 6,000 it aimed for in 2019. By one measure, the strategy worked.
Dig into who those homes are for and the picture changes. The city approved permits for only 29% of the 700 new medium-income homes it had targeted, and 60% of its 700 low-income goal. The "missing middle" of townhouses, small apartments and duplexes fell short too, with 463 permits against a goal of 1,000.
The rental side fared better. The vacancy rate climbed to 3.2%, its highest since 1999, and the city approved 3,626 market rental homes, nearly double the 1,900 it wanted. But average rent still rose 6% last year to $1,714 across all unit types.
Council approved fresh targets last week of 997 to 1,330 new homes a year through 2028. Mayor Marianne Alto warned those numbers may not be aggressive enough, and Coun. Dave Thompson pointed to roughly 8,000 units of latent demand the city still has to dig out from under.


