Saanich home prices are hovering at a level slightly below 2022’s all-time highs, while rent prices for most unit types continue to march upwards, according to a housing report to be delivered to the district council Monday (March 18).
The annual housing report is being presented at the same meeting as a proposal to boost development through the easing of zoning restrictions related to parking minimums, along with a plan to prioritize non-market and co-operative housing projects.
The report details how housing costs have skyrocketed over the past decade, with the average price of a single-family home going from a little over $600,000 in 2014 to almost $1.4 million now. Home prices have levelled off over the past two years, but rental rates continue to rise.
Observations on the rental sector included in the report show that the low vacancy rate — a little over 1.5 per cent, down from almost 3.5 per cent two years ago — is charging the market.
Average median rent in Saanich is up to $1,470, according to the report, up from about $800 a decade ago. This median cost takes into account long-time renters, so it is less that what an average asking price would be for a new renter.
Statistics for that are not available in Saanich, but Victoria has studied asking prices for one- and two-bedroom apartments, which are up to an average of $2,101 and $2,714, respectively.
The report also details the net change in the number of rental units available in Saanich over the years. It shows that in 2022 the district actually lost more than 100 rental units, and in 2023 only gained about 80.
In terms of overall housing development, the report details that construction of new units is actually increasing after a bit of a pandemic lull, with 2023 having the highest number of approved building permits and the third-highest number of housing completions in the past six years.
Meanwhile, the population in the district continues to rise, with a projected population in 2046 of 152,497 — the last year data is available for is 2012, when the population of Saanich was 117,735 — needing an estimated 15,413 new dwellings.
Looking ahead, the report details a slew of actions intended to ease the housing affordability crunch. These include the new overarching Official Community Plan being drafted this year, as well as more specific issues such as rapid deployment of non-market housing, being discussed in council this week.
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