Courtenay City Council got a look at the housing needed within the next 20 years at their September 11 council meeting.
A report from Turner Drake and Partners discussed all things housing including pricing, needs, and population increase projections.
Prices in housing have increased drastically following the pandemic, rising 61% from 2019 to 2022 to $667,800 on average, an over $215,000 increase.
That’s up from 2016 to 2019 which saw a 35% price increase.
The median rent jumped 54% since 2019, with the average rent price being $1,450, compared from 2106 to 2019 which had a 21% increase.
A 20-year projection factoring in growth in the population estimates Courtenay needs 8,350 new units, a combination of extreme core housing needs, homelessness, and suppressed households among other things.
Market housing projects are the most needed with over 6,000 units, followed by affordable and below market sitting at just under 2,000, and deeply affordable at 315 units needed.
Affordable and below market zero- and one-bedroom units have the most demand with a forecasted 69% increase in need for them.
Courtenay’s population sat at just under 30,000 people in 2021, with projections suggesting the city may hold over 42,000 by 2041, increasing the need for more housing units.
