Official Community Plan

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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 options also contribute indirectly to housing affordability as the need for a car, the second greatest expense in most Canadian households, becomes a competing expense. The 2020 Comox Valley Housing Needs Assessment indicates that the median sale prices across all dwelling types in Courtenay were generally stable between 2010–2017 then began to rise more rapidly in 2017. Prices for all dwelling types in 2019 were 50% higher than the average for 2010– 2016; they continued to rise throughout 2020 and 2021. For rental housing during this same timeline, rental rates have also increased in both the primary (purpose built) and secondary rental markets. Both rental markets have displayed consistently low vacancy rates hovering around 1% and rarely exceeding 2% (3–5% vacancy rate is considered a healthy rate). Purpose-built rental housing development applications in Courtenay have been on the rise in

recent years and will help alleviate the high competition for rental homes once the units are available for occupancy. Even with this increase in supply, however, rental prices are expected to remain too high for a significant proportion of the population. With median income of $34,367 amongst renters and $69,500 amongst homeowners, 35% of Courtenay renters pay more than 30% of their income on housing and 17% of Courtenay renters pay more than 50% of their income on housing. Households who have no other housing choice than to exceed these respective housing price thresholds are considered to live in core housing need, or extreme core housing need, which are unacceptable affordability standards in Canada. Homelessness also continues to increase as documented in the regional point in time homeless counts which occur every two years. Courtenay’s population is also aging, resulting in smaller household sizes and older residents having to make decisions about living situations that are affordable and provide access to daily needs. The ability to age in place by moving to a smaller unit within the same neighbourhood or renovating one’s home, are identified by Island Health as one of the most effective strategies for supporting seniors' health and independence.

City of Courtenay Official Community Plan