Gibsons council has taken a first step to committing to more housing units over the next three years.
At the July 18 committee of the whole, council voted unanimously to a new housing growth target of building permits for 90 new housing units per year — increasing the growth rate by 55 per cent — over the next three years with the support of the Housing Accelerator Fund. In his presentation, Matt Thomson told council this represents an additional 96 units over three years compared to what Gibsons issues on average (or around 32 additional units per year).
Those numbers are based on a review of the last 10 years of building permits issued by the Town, an average of 58 building permits per year and a recent uptick. Thomson said they also set the target by identifying not just projected growth in Gibsons based on the housing needs report, but latent demand, such as low vacancy rates in rental housing.
The Housing Accelerator Fund is a new stream of federal funding from the Canada Mortgage and Housing Corporation (CMHC) that is open to municipalities to streamline building more homes faster, speeding up approval processes while supporting low-carbon, climate-resilient and diverse communities. The goal is to create 100,000 units of new housing, and there’s $4 billion in funding until 2026/2027 to do so. The CMHC estimates an additional three million housing units are required nationwide to bring affordable housing levels back to what it was 20 years ago, Thomson said.
“It’s not just about bringing housing supply on, it’s about bringing the right kind of housing supply that meets these goals of completeness of communities, affordability and environmental and climate goals,” Thomson said.
For Gibsons, Thomson said an estimated $3 million in funding would be delivered in 25 per cent increments at different stages of the initiative. The funding is outcome-based and tied to specific housing targets, and attempts to rectify the missing middle and affordable housing. Of the funding, 75 per cent is guaranteed, and the remaining 25 per cent is provided once development targets have been met.
Mayor Silas White said, “It’s definitely an odd and unprecedented funding program, but we should go for it, no question about it.”
Gibsons will need to create an action plan with a minimum of five initiatives. The funds can go toward changing policy work, activating municipal land and partnering with others to create a wider range of housing. Money left over could be for additional acquisition of housing and/or construction.
Gibsons will also need to commit to a housing growth target — the proposed 90 units per year over three years — and submit periodic reports. It has already been working on updating a housing needs assessment. Thomson’s report also included five initiatives to endorse for the funding application: to develop a gentle density program, review parking program, review and expand density bonusing, develop a comprehensive land strategy, and an Official Community Plan update and implementation.
Council moved to direct staff to apply for the funding.
The decision will still need to be formally made at a council meeting. The next meeting is scheduled for July 25. The application for the funding stream is due on Aug.18. If an application from the Town is successful, the first advance could be received in fall 2023. Thomson said they are also working with the District of Sechelt.
