Sooke has thrown its support behind a tax plan proposed by the Capital Regional District (CRD) with the potential to create much-needed affordable housing options in the region.
 
According to the Canada Mortgage and Housing Corporation, Greater Victoria is Canada's third most expensive rental market, following Toronto and Vancouver.
 
At the end of 2022, the median price of single-family homes and condominiums was just over $1 million.
 
The average one-bedroom rental was $2,073 a month.
 
The CRD board approved a series of critical measures last spring, which could lead to up to $11.5 million in funding, equivalent to $0.062 in taxes for every $1,000 of property value.
 
While this might result in an estimated $26 increase in annual taxes for most homeowners, the underlying objective of Bylaw 4551 is to significantly enhance the availability of affordable rental homes, secure land for future projects, and safeguard existing affordable rentals.
 
Funds won't be allocated until projects and partnerships are approved within the CRD annual budget.
 
To amend Bylaw 4551, the CRD requires approval from all 13 member municipalities and some electoral areas.
 
In addition, the CRD board approved Bylaw 4552, which allows it to borrow $85 million for 30 year housing projects.
 
It is contingent on the approval of Bylaw 4551 and public consultation.
 
Sooke councillor Tony St-Pierre supported the idea, citing the potential for more affordable housing without a significant municipal effort.
 
"It seems like a small request from the CRD," he said.
 
Sooke Mayor Maja Tait emphasized the importance of Bylaw 4551, as it enables large-scale affordable housing and future property acquisitions to prevent missed opportunities due to borrowing limitations.
 
"Sometimes in Sooke, we have lost the opportunity to acquire property because our borrowing ability was too tight," she said.
 
Kevin Liard.