City of Courtenay Official Community Plan - 2026 update

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COURTENAY TODAY

Many Courtenay residents are struggling in the current housing situation that is not meeting their needs. Rising land and construction costs, a growing population, inability to keep supply at pace with demand, and a significant stock of single residential dwellings in a community with varying housing needs are all contributing factors to this struggle. Transportation costs also contribute indirectly to a household's ability to afford housing, as the need for a car, the second greatest expense in most Canadian households, becomes a competing expense. More than a roof over one’s head, adequate housing is a fundamental human right in Canada, and an important social determinant of health. It impacts the community’s ability to attract and retain employees and sustain a vibrant economy. Courtenay's 2024 Housing Needs Report reveals critical insights regarding the housing affordability crisis in the community. Between 2019 and 2022, the median home price surged by 61%, a significant increase when compared to the previous 35% rise from 2016 to 2019. In the rental market, the situation mirrors this trend: median apartment rental prices escalated by 54% from 2019 to 2023, significantly outpacing the 21% hike observed between 2016 and 2019. Rental vacancy rates remained consistently low at 1-2% during this time. Despite the delivery of new purpose-built rental housing options contributing to healthier market vacancy rates of between 3-5% and somewhat softening rental prices, these improvements have not translated into affordable housing for many residents. The increase in vacancies has not sufficiently offset the dramatic rise in rental costs, particularly given that median household incomes have not kept pace. Currently, the median household income for Courtenay renters stands at $50,400, and for homeowners, it's $82,000. 41% of renter households pay more than 30% of their income on housing, with 10% facing the burden of spending over 50% of their income on housing.

Those compelled to exceed these thresholds are categorized as living in core and extreme core housing need, which reflects unacceptable affordability standards in Canada. Unfortunately, homelessness remains persistent, as illustrated by the regional point-in-time homeless counts conducted every two years. To truly address the local housing crisis, an increase in diverse housing options is essential. For example, Courtenay's aging population is contributing to smaller household sizes, necessitating affordable living arrangements that provide accessibility to daily necessities. Island Health highlights that the ability to age in place, whether by downsizing within the same neighborhood or renovating existing homes, remains a vital strategy for promoting seniors' health and independence. Thus, urgent action is required to align housing availability with the community's growing needs and financial capacities. On-going public engagement with Courtenay residents, including consultation for the 2022 and 2026 OCP, has established public openness for more varieties of housing being incorporated into neighbourhoods across Courtenay. To ensure that Courtenay’s housing stock can support these vital individual and community objectives, new and existing housing must meet diverse needs, including financial circumstances represented within our community. The Housing Wheelhouse (reference in Figure C-4) illustrates a housing system that includes a variety of tenures of housing and reflects the reality that people’s housing needs change over time, and may not be a linear progression to homeownership. Overall, the Wheelhouse contains three categories of different housing tenures and supports. These are described on the following page:

City of Courtenay Official Community Plan