V. Adams

Rental Housing Crisis in Victoria

With a vacancy rate approaching zero, a fast dwindling rental housing stock, and low interest rates encouraging the growth of luxury condominium developments catering to babyboomer retirees and investors, renters (who represent 59% of all households in Victoria), are facing a housing crisis. James Bay, the oldest and once the poorest neighborhood in the city, has a population of 12,000 residents, of whom 69% are tenant households. Twenty-nine percent of the population (3,235) is over 65 years of age. Many live in apartments, condos, and in the 10 long-term care and independent/assisted living residences in the neighborhood. (…)