Posts Tagged ‘victoria’

The provincial and federal governments have partnered to provide financial assistance to support the expansion and renovation of a youth shelter in Grand Falls.

Today, Mike Allen, Member of Parliament for Tobique Mactacquac, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development Canada and Minister Responsible for Canada Mortgage and Housing Corporation, and Kelly Lamrock, New Brunswick Social Development and Housing Minister, officially opened the new addition of Centre Jeunesse Oasis Youth Center. The shelter received funding for improvements as part of the Canada – New Brunswick Shelter Enhancement Program.

“The Government of Canada is committed to making affordable housing available in New Brunswick and across Canada for those who need it most,” said MP Allen. “These projects are helping young people in our community access safe and suitable housing, and build a stronger future for themselves.”

“We are pleased to join our partners in this project to see more shelter units being created for the benefit of young people from Madawaska and Victoria counties,” said Minister Lamrock, who is also the minister responsible for housing. “A safe, secure place for a young person is crucial to their development and is part of our government’s efforts to better support youth at risk in the province.”

The project received $157,654 from the federal and provincial governments to assist with repairs of the existing facility and the addition of two apartments and three extra rooms, as part of the Shelter Enhancement Program.

Centre Jeunesse Oasis Youth Center is a group home for at-risk youth aged 12 to 18 from the Madawaska and Victoria area, as well as elsewhere in the province. The center provides shelter, support and an educational program for up to six young men, or young women at any given time.

A new program consisting of two supervised apartment settings has been added to prepare older youth for independent living as they move through the program.

“Since 1992, Centre Jeunesse Oasis Youth Center has been providing a safe, secure home for young people. We are very pleased to have an opportunity to expand our facility and make necessary improvements,” said Hubert Morin, President of the centre’s Board of Directors. “This funding has enabled us to better prepare young people to develop the life skills and confidence to live independently.”

The Canada – New Brunswick Shelter Enhancement Program provides financial assistance to repair and or rehabilitate emergency shelters and second stage housing for victims of family violence to an acceptable standard of health, safety and security for occupants and accessibility for persons with disabilities. It also aims to increase the number of emergency shelters and second stage housing units available to women and children or youth who are at risk.

January 13, 2009 — Moishe Alexander’s review on how the current world economy and Canadian economic down turn is affecting the Victoria BC rental market

Victoria, BC - Credit kla4067, Flickr

Victoria, BC - Credit kla4067, Flickr

The Victoria BC rental market has one of the lowest apartment vacancy rate at 0.5% in the country. In fact, the rental town house vacancy rate dropped substantially to 0.1% for 2008. These two figures together leave a net vacancy rate of 0.4%.

It is desperate times for tenants in the city of Victoria, British Columbia.

SOLID DEMAND FOR RENTAL UNITS IN VICTORIA BRITISH COLUMBIA

The Canada Mortgage and Housing Corporation reported that the Metro Victoria area of BC is experiencing an increased amount in rental housing in all sectors. Much of this is contributing to the demand by the significant post secondary population in the area along with a strong local labor market. These statements and figures come from the rental market report issued in 2008 by Canada Mortgage and Housing Corporation.

VERY LITTLE NEW SUPPLY OF PURPOSE-BUILT RENTAL UNITS

According to Canada Mortgage and Housing Corporation, despite the extreme demand for rental housing in Victoria BC, only 45 purposed built rental starts occurred in Victoria for the first 10 months of 2008. This is caused a panic for tenants and an extreme appreciation of condominium prices in Victoria BC.

SECONDAY RENTAL MARKET BECOMING INCREASINGLY IMPORTANT

The Canada Mortgage and Housing Corporation report states that since there is limited stock of purposed-built rental units in Victoria BC, a strong demand has occurred for rental units to be created by home owners, which is called the “secondary rental market”. Pressure is being excreted on the local municipality cities to relax their zoning and building codes to permit additional secondary rental units in private homes.

AVERAGE RENTS EDGE UP

The Canada Mortgage and Housing Corporation report states that last fall in Victoria BC a one bedroom apartment that used to rent for $764.00 is now renting for $965.00 compared to the same period last year. A two bedroom units that rented last year for $744.00 are now renting for $931.00, which is approximately 25% increases.

Government sources say that with this increase cost, welfare recipients are hard pressed to rent anything in Victoria BC.

STRONG RENTAL MARKET DEMAND TO CONTINUE

Canada Mortgage and Housing Corporation is projecting that vacancy rates in Victoria BC will remain the lowest in the country in 2009. Mainly due to non-construction of rental units and a significant increase in migration. In fact, Canada Mortgage and Housing Corporation is predicting that the vacancy rate in Victoria BC for the period ending 2009 will be 0.3%, which is an astonishing low vacancy rate.

RENTAL AFFORDABILITY INDICATOR

Canada Mortgage and Housing Corporation affordability indicator indicates that the value of 100 suggests that 30% of the median income of rental households is necessary to rent a two bedroom apartment, well above the Canadian average.

NATIONAL VACANCY RATE DECREASED IN OCTOBER 2008

Canada Mortgage and Housing Corporation reports that the vacancy rate in Canada’s 34 major centers decreased to 2.2% from 2.6% in October of 2008, for the same period the year before. Vacancy rates were as high as 14.6% in Windsor to a low of 0.3% in Kelowna BC.

Canada Mortgage and Housing Corporation reports that the highest average monthly rent for a two bedroom apartment is in Calgary, Alberta with a monthly rental cost of $1,148.00 to a low of $543.00 in Sherbrooke, Quebec.

You can find the entire report in PDF format through the following link:
http://www.cmhc-schl.gc.ca/odpub/esub/64471/64471_2008_A01.pdf