WATCH: With a rental vacancy rate below one per cent new Victoria rental units available this summer should ease some of the pressure
Finding a place to live in Victoria can be next to impossible.
But the addition of 178 new rental units may relieve some of the pressure.
With a vacancy rate of 0.6 per cent, Victoria is tied with Vancouver for the toughest rental market in the country.
Today, a preview of new units at the Hudson in downtown Victoria may ease the crunch.
“Over the next year we’re going to see about 300 or 350 affordable rental units all under construction right now, so between the market rental and the affordable rental I think we’ll start to address some of the challenges,” said Victoria Mayor Lisa Helps.
“We’re always trying to work with all levels of government to work with our industry to try and find ways that we can collectively build more, it’s not inexpensive to do, said David Hutniak, CEO of Landlord BC.
“We’re always looking to see how we might work together to expand that stock but really that’s what we need at the end of the day, we need more supply, that’s going to solve a lot of problems.”
One bedroom units in the new Hudson building start at just over $1200 per month.
They will be available starting August 1st.
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