Issues related to housing affordability remain one of the most significant challenges facing the capital region today. Projections of future housing demand suggests significant potential gaps in housing supply to meet the needs of very low, low and low-to-moderate income households and continued issues with affordability within the general market.
As such, housing affordability requires all levels of government and community partners working together to address ongoing challenges.
The CRD Role
The Capital Regional District’s efforts date back 40 years when the CRD established a Land Banking and Housing service and the Capital Region Housing Corporation.
Today, the CRD:
- is the sole shareholder of the Capital Region Housing Corporation, which owns and operate more than 1280 housing units in 45 projects,
- is implementing the Regional Housing First Program, an initiative to create new rental units that address the needs of people across the housing spectrum,
- is designated as the community entity to administer funding under the Government of Canada Homelessness Partnering Strategy,
- has provided more than $11.7 million of funding to leverage more than $139 million of affordable housing through the Regional Housing Trust Fund, and
- shares expertise and engages in research and analysis to support effective planning and collaboration with local governments, community and housing providers, private industry and funders.
These efforts are carried out in tandem with implementation of the Regional Housing Affordability Strategy, which aligns with the policy direction set out in the CRD’s Regional Growth Strategy.