May 2021 | Housing
The City of Nanaimo recently presented an update on affordable housing, outlining the current housing situation and actions undertaken to help our community. This is what we learned:
Rental Vacancy Rate
The current rental vacancy rate in Nanaimo is dire. In October 2018 the rental rate was 2.4% and in October 2020 it had dropped to 1%.
While the number of available rental units has decreased, the rental rates in Nanaimo have increased. The rates have increased 2.4% in 2019-2020 making already affordably housing even more unaffordable.
New home owners are being forced out of the market due to increases in housing prices, putting even more pressure on rental housing. The average home sale price increased by 8.8% between 2019-2020. The average single family home now costs $758,054.
City of Nanaimo Actions
The City of Nanaimo’s Affordable Housing Strategy provides a framework for the City to work with other levels of government, the private sector, and non-profit organizations to facilitate the development of affordable housing. Here’s their progress so far:
New Emergency Shelter
- 24 new beds for winter shelter
- 21 new beds for summer/fall shelter
- 60 transitional beds opening 2021
- 35 units with supports
- 190 supporting housing beds coming in 2021-2023
Affordable Rental Housing
- 216 units for seniors
- 16 affordable rental units
- 120 multi-family and single units coming in 2021-2023
Below Market Rental
- 158 units – opening 2021
- 62 units for seniors – opening 2021
To increase the overall stock of affordable housing in Nanaimo, the City has implemented these new projects and policies:
Short-term rental regulations to ensure local rental housing is available longterm for locals.
For more information on the City of Nanaimo’s plans and actions, click here.