Prince George needs to build thousands of homes to offset plummeting vacancy rates
CBC
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Prince George is the latest B.C. city to face a rental crisis and will need thousands of new homes to be built in under a decade to offset the effects, according to a new report presented to city council this week.
Advisory group Urban Matters was commissioned to look into housing stock for the city and found at least 5,000 new rental units are needed by 2031 in order to meet projected growth and changes to population.
It comes as the city's vacancy rate hit its lowest rate in more than a decade, dropping to 2.2 percent, according to the latest numbers from the Canadian Mortgage and Housing Corporation. The report says anything below three per cent can place significant pressure on renters.
While the northern city's vacancy is still higher than other major centres like Kelowna (0.6 per cent), Kamloops (one per cent) and Vancouver (1.2 per cent), the drop in available rentals is another blow to Prince George's long-standing ability to market itself as an affordable place to live, while still having access to major market amenities.
None of this is surprising to Alia Landry. As a single parent of two, she used to be able to rent a house with a backyard for $800 a month. But as the market changed, rent went up and she was forced to move into a smaller space.
"It was stressful. I was sharing a bedroom with my daughter … There were nights when I went to bed crying because I just didn't know what I was going to do," she said.
Even working full time, Landry was unable to afford a large enough home for her kids, so she applied to get into a subsidized rental unit — which she moved into last June, after waiting three years.
"It was like winning the lottery," she said.
But according to the report, there are many others still on waiting lists for subsidized spots.
One factor leading to the rental crunch is the red hot housing market that has taken off across Canada.
The average price tag for a home in Prince George jumped 140 percent between 2016 and 2020, forcing people who once had stable housing to look for new spaces, as landlords sell or upgrade their properties, making them less affordable for those who already live there.
That's what happened to Dara Campbell and her partner, who had their rental unit sold on them in 2021 — forcing them to move for the third time in as many years.
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