How much more evidence do we need that the local housing market isn’t working for locals?
The Capital Daily reports that it would take 86 per cent of median income to pay an average mortgage on a Victoria home (and 32 years to raise the downpayment).
Sooke is no different. The vast majority of Sooke residents – including construction labourers – can’t afford the new homes.
This market works for someone, though. For investors, increasing prices mean increasing profits. The fundamental problem is that people for whom housing is a significant expense must compete in the market with people for whom housing is an income source.
Investment wealth doesn’t trickle down, but misfortune might. Regular people priced out of one community must move to smaller ones to find housing, often taking on long commutes. Those at the bottom of the housing hierarchy are priced out of shelter ultimately and into homelessness.
We need to build protected affordable housing in Sooke and create more robust policies to discourage investment in real estate in B.C. And let’s save our green and wild spaces, our public views and our liveable community rather than building unlimited housing locals can’t afford while investors prosper. Housing should be for people who need a home.