Affordable means that shelter costs should not exceed 30 percent of gross household income. Adequate means that housing should be sufficient in size to accommodate the number of householders, in decent condition and affordable.

Affordable housing can include government-subsidized housing, non-profit housing, membership-owned co-op housing, and financial assistance to tenants to help offset the cost of private sector rental units.

Social housing is housing that is subsidized by government.

Many householders cannot afford to buy a home and rely on rental housing. High land values and construction costs, a low vacancy rate, and fewer privately owned rental units all contribute to the affordable housing crisis in Greater Victoria.

As well, governments have fewer funds to direct to affordable housing projects and rental unit construction, while the replacement of existing rental units by condominiums makes the problem worse.  Typically, there is little incentive for developers to build rental housing because new construction results in higher than average rents and building condominiums is much more profitable.

The health and well-being of families are affected when all financial resources are being used to pay for housing and other basic necessities. Inadequate housing contributes to poor health and results in an increased financial burden to the healthcare system. Educational opportunities are lost while cultural, recreational, and leisure activities are dramatically curtailed or cut back altogether.

High housing costs inhibit the attraction of a skilled workforce to the region. As well, service industry workers and post-secondary students find it increasingly difficult to find affordable accommodation in the region and will consider moving to other less expensive communities in which to work and study. Both business and educational institutions are affected.

Affordable housing affects the individual, the family, and the community as a whole. A good mix of housing allows communities to be diverse and resilient. People have a greater opportunity to live close to where they work and are more likely to rely on local businesses and services to meet their various needs, thereby creating a more inclusive, user-friendly, and energy efficient community.

Housing induced poverty happens when people cannot afford basic necessities due to high housing costs. If we can provide affordable housing and give a leg up to low-income earners and fixed-income seniors, we can help them to become more independent and contributing members of their communities.

The GVHS receives about 49 percent of its revenues from the provincial and federal governments, and 51 percent from tenant rent payments and other sources of revenue.

The GVHS uses a number of ways to fund each housing project. They include:

• Public and private partnerships
• Land acquisition at below market prices
• Land donations
• Land leased from a municipality, other governments or churches
• Deferred payments for land
• Charitable donations and grants
• Donations of labour and materials
• Low interest rate financing or interest free loans
• Provincial and Federal rent supplements