New affordable housing in Saanich looks anything but in the light of a new study that defines the upper limit for an affordable home in Saanich as $605,000 for larger homes and $428,000 for those with fewer than two bedrooms.
Home construction in British Columbia will need to rise to unprecedented levels to offset the impact of record immigration on the housing market, the B.C. Real Estate Association said in a new report on Tuesday.
The province must build 25 per cent more new homes than usual for the next five years to address deteriorating housing affordability.
It is likely to take one or two generations before the District of Saanich can dig itself out of its housing deficit.
During discussion this past week of a progress report on Saanich’s housing strategy, district staff suggested it will be decades before the municipality can catch up, noting it has managed to build only 70 per cent of its housing target over the past six years.