This affordable housing project for seniors was one of many which the City hopes will curb low vacancy rates and expensive rental situations. (Spencer Sterritt/NanaimoNewsNOW)

By NanaimoNewsNOW Staff

housing

City claims it’s on track to hit most affordable housing targets

Apr 26, 2021 | 6:46 AM

NANAIMO — The City claims it’s close to meeting many goals of its affordable housing strategy but Nanaimo’s vacancy rate remains low.

A staff report from social planner Karin Kronstal, to be presented to councillors on Monday, April 26, said the City is on track or exceeding some affordable housing goals.

Her presentation showed the City is close to achieving the target for housing starts being rentals and creating multi-family dwelling units such as apartments and condos.

The creation of 2 and 3 bedroom apartments, new building starts of apartment buildings and increasing student housing were exceeded.

However, the vacancy rate in Nanaimo in 2020 remained around one per cent, leading to a difficult rental market. It’s hoped by the time the strategy has accomplished its goals, the vacancy rate will be around three per cent to allow more leeway in the market.

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In terms of goals, the City is falling behind in the creation of-ground oriented units which don’t require a cental lobby, such as townhouses.

After a record-breaking 2019, 2020 housing starts fell significantly to less than 2018 levels for all types of housing. At the time in 2019, City staff said they didn’t anticipate the high number of housing starts would continue, and then the COVID-19 pandemic exacerbated the situation.

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