Greater Victoria seeing record-breaking sales of multi-family properties
Victoria council wants senior governments to help set up a non-profit housing-acquisition fund to allow municipalities to buy and protect low-cost housing, as the number of rental properties purchased by real estate investment trusts and institutional investors soars, driving up rents.
“This trend has the potential to significantly affect affordability in Victoria’s rental housing market in the coming years, particularly where older, more affordable rental buildings are acquired,” the report said. Council agreed to push the federal and provincial government for both stronger regulation and for the funding of acquisition programs to allow municipalities to get into the marketplace to protect existing rental stock.
She said it’s time for senior levels of government to invest in the marketplace in a more significant way than they already have.
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