Greater Victoria residents often hear about affordable housing, but few have a good idea of what that means.
Even BC Housing has a hard time defining it; on its website, affordable housing is defined as B次元官网网址渉ousing with rents equal, or lower than, average rates in the private market.B次元官网网址�
While average rental rates are largely unaffordable, BC Housing regional director of operations of Vancouver Island, Heidi Hartman, explained this definition is based on delayed calculations from the Canada Mortgage and Housing Corporation which determines what rates should be.
B次元官网网址淭he numbers from the CMHC are typically about a year behind,B次元官网网址� Hartman said. B次元官网网址淪o, the rates are usually lower than what it actually is.B次元官网网址�
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Still, Hartman said affordable housing is hard to define, mostly because itB次元官网网址檚 more of a loose label rather than a concrete idea.
B次元官网网址淎ffordable housing is a term where subsidized housing has more to do with a program,B次元官网网址� said Hartman, B次元官网网址淚tB次元官网网址檚 more a definition of when housing costs arenB次元官网网址檛 more than 30 per cent of a householdB次元官网网址檚 gross income.B次元官网网址�
This means rent is determined on a sliding scale based on income, which means two neighbours living in similar units will pay different rents.
B次元官网网址淔or example, folks at Evergreen Terrace will pay 30 per cent,B次元官网网址� Hartman said. B次元官网网址淥ne person makes $24,000 per year and pays 30 per cent, and for somebody thatB次元官网网址檚 making $40,000, itB次元官网网址檒l also be 30 per cent.B次元官网网址�
Every year BC Housing has annual income testing is done to see if this rate needs to change based on promotions, demotions or a change in assets.
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B次元官网网址淭heyB次元官网网址檇 provide their pay stubs and weB次元官网网址檇 calculate the rent rate,B次元官网网址� Hartman said.
This is similar, but different, to subsidized housing, which always sits at 30 per cent of income, but where the province interjects with further funding which allows residents receiving income assistance to pay a flat rate. This can be seen in subsidized housing units from the Cool Aid Society, Pacifica Housing and some co-operative housing complexes.
In November the province announced $492 million in funding for affordable housing projects in 42 communites across the province. This will include 588 units in Victoria, 85 in Saanich, 80 in Langford and 161 in Esquimalt.
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Projects built under the Building BC: Community Housing Fund will reflect three different income levels.
Twenty per cent of units will be those with low incomes who need subsidization, such as seniors, people on fixed incomes or those on income assistance. The income limit will be $30,000, depending on unit size.
Fifty per cent of units will range from low-to-moderate incomes, which range from $21,000 to $95,000, with the range limited by specific location and unit size. This means the low-to-moderate income bracket would cap at $58,000 for a two-bedroom in Vancouver for example, while it would cap at $37,000 in Smithers.
Thirty per cent of units will be for middle incomes, for up to $72,000 for homes with less than two bedrooms, or up to $104,000 for homes with two bedrooms or more.
According to the 2018 Canadian Rental Housing Index, one-in-five British Columbians pay more than 50 per cent of their income on rent.
