Today, the Province announced another “affordable housing” project in Victoria for renters, targeting middle-income and double-income households. Those working for minimum wage and well below a living wage standard, these funded projects will still consume 50% or more of your income.
From the provincial government announcement, where the BC and Victoria politicians proudly self-congratulate their achievements, one learns that the “the five-storey, wood-frame building (located at 2570 Fifth St.) will provide 64 affordable homes for households with annual incomes between $48,000 and $100,000. The project will offer studio, one-bedroom, two-bedroom and three-bedroom homes.” Click here to read their self-directed praise.
The rates, provided at the end of the release, are set as follows:
- studio: approximately $1,000 to $1,215 per month
- one bedroom: approximately $1,375 to $1,440 per month
- two bedrooms: approximately $2,000 to $2,145 per month
- three bedrooms: approximately $1,125(*) to $2,500 per month
(*from their original release, though it may be a typo as three bedrooms are typically more expensive than the most expensive one bedroom)
Lower-income earners, particularly those at minimum wage and arguably in most need of truly “affordable” housing, will continue to struggle. With the minimum wage in BC at $14.60, a studio apartment at these “affordable” studio rates will consume roughly 50% to 60% of one person’s full-time income.
Studios are zero-bedroom apartments, best suited for singles … or couples looking for reasons to go their separate ways.