The City of Courtenay is working to address the housing needs of residents at all income levels. Housing costs have risen, making it harder for many people to find safe, affordable homes. The City is responding with new policies and programs to support more diverse housing options, below-market housing and shelter services.
The Courtenay housing needs report (2024) [PDF/738KB] provides a detailed look at the city’s housing challenges and future needs:
- Growing population: Courtenay’s population grew 11 per cent between 2016 and 2021 and is expected to increase by 44 per cent by 2041, reaching over 42,000 residents.
- Housing demand: To meet this growth, Courtenay will need 8,350 new homes by 2041, with 2,472 needed by 2026.
- Rising costs: Home prices rose 61 per cent from 2019 to 2022, while incomes increased by only 36 per cent.
- Rental shortage: Rental vacancy rates have historically been very low, and apartment rents have risen 48 per cent between 2020 and 2023.
- Affordability issues: 22 per cent of local households spend more than 30 per cent of their income on housing. This is a greater challenge for renters, single parents, Indigenous households and seniors.
- Seniors and accessibility: Senior-led households are expected to increase by 62 per cent by 2041, requiring more accessible housing.
- Homelessness: At least 2 per cent of local households are at risk of homelessness due to extremely low incomes, increasing the demand for non-market housing, emergency housing and shelter services.
What the City is doing
To help address these challenges, the City is implementing new policies and programs:
- Small-scale, multi-unit housing: Zoning changes to allow more housing options in residential areas.
- Below-market housing: Affordable housing initiatives and partnerships.
- Shelter and supports: Resources for those experiencing or at risk of homelessness.