Victoria will watch with interest Vancouver’s new scheme to help moderate income earners get into the housing market.
“It’s something to consider, for sure,” Victoria Mayor Lisa Helps said.
“I think my preference would be to see, rather than the city getting into the market, the city playing a facilitating role between non-profit housing providers and developers to try to encourage partnerships for affordable home ownership.”
Under the City of Vancouver’s Affordable Housing Ownership pilot program, approved last week, the city plans to strike a deal with developers to acquire 20 per cent ownership of 300 new condo units.
The units would be part of projects built by private developers, who would turn them over to the city as their required contribution in a rezoning.
The city would then turn around and sell those units to buyers for a discounted price — a price that would take into consideration the city’s share in ownership.
The program would require buyers to have at least one member of the household working in Vancouver, to have been residents for five years and to have a household income under certain limits.
No renting would be allowed.
Vancouver needs approval from the province to change its charter for the plan to move ahead.
Victoria staff have already been directed to examine affordable home ownership as part of the Mayor’s Task Force on Housing Affordability, Helps said.
“We’ll see what staff come back with. We’re going to host a workshop in the fall to present findings and gather input.”
Langford initiated an affordable-housing policy in 2004 to enable lower-income families to buy homes at well below market value.
Langford’s Affordable Housing Program requires developers of new subdivisions within the city to build one affordable home for every 15 single-family lots subdivided or to make a cash contribution to an affordable-housing fund.
The program has created 40 detached single-family homes and eight attached condominium units, said Matthew Baldwin, director of planning.
In 2007, Langford expanded the original policy by requiring new developments to be building code-ready for secondary suites, contributing to density and diversity in the city.
