Affordable Housing Strategy

The housing challenge

Colwood is a growing community with an aging population that is also seeing an increase in younger families with a larger proportion of children residing in the area than the Capital Regional District (CRD).

Colwood continues to see increasing supply of apartments, townhouses, secondary suites and multi-developments, however the predominant form of housing is still single detached homes.

Given that 1 in 5 households in Colwood are single-person households and the number of families and children living in Colwood is continuing to increase, there is a need to continue to add diverse forms of housing including both smaller and larger units with 3 or more bedrooms.

Despite having a higher median income than the CRD or BC, affordability is a challenge to a growing number of both home ownership and renter households in Colwood. On average, Colwood owners and renters pay more than people living in other areas of the region and province. Between 2016 and 2021, renters in Colwood experienced a 26.1% increase in rental costs while homeowners experienced a 16% increase. Overall, 15.5% of both owner and renter households are falling behind affordability standards. In addition, there is a growing need for housing and services for unhoused people within the Colwood area.

The availability and affordability of housing is foundational to the livability, economic viability, and social connectedness and wellbeing of communities. To meet the growing demand for housing in Colwood that is affordable (with households spending no more than 30% of income on housing), adequate (isn’t in need of major repair), and suitable (has enough bedrooms to accommodate the size of households), further growth in the provision of diverse forms of housing are needed.

Why create an Affordable Housing Strategy?

In the face of an issue as complex as housing, local housing strategies provide a valuable framework so that multiple sources of funding and policies strands can be brought together into a single comprehensive strategy with targets for measuring progress.

What will an Affordable Housing Strategy provide?

A housing strategy is a roadmap of the policies and programs a local government intends to take to meet its unique housing related policy objectives. It focuses on the relationship between affordability, equity, and opportunity and strives for an approach that is balanced, comprehensive, and equitable.

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