The Provincial government has set housing targets for the City, in the amount of 1,334 net new completed housing units in the next five years. The targets are an outcome of the Speculation and Vacancy Tax, which was implemented for Courtenay earlier this year.
These targets are part of the province’s Housing Supply Act (2023), which enabled government to establish housing targets for communities based on areas of greatest need and highest projected growth. Targets general reflect 75% of each municipality’s estimated housing need.
Courtenay’s Housing Needs Report (HNA) released in 2024, sets a target of 2,472 new units by 2026. As of the end of 2024, Courtenay has already achieved 68 per cent of that target. In addition, the HNA sets a target vacancy rate of at least 3 per cent. As of 2024, and for the first time in several years, the Canadian Mortgage and Housing Corporation (CMHC) is reporting a 4.6 per cent vacancy rate in Courtenay.
To meet Housing Needs Assessment targets, Courtenay would need 395 new housing units to be completed in 2025 and 2026. There has been an average of 422 new housing units completed annually in Courtenay since 2021.The Housing Target Order requires the City to report annually on progress on new housing units as well as municipal actions and partnerships to enable more housing supply.
Source: BC Government
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