HNA Report Highlights
Broadly speaking, Sidney is well served in terms of the variety of housing types available in the community. With the exception of apartments over 5 storeys, Sidney compares favourably to the CRD in terms of the amount of each type of housing available.
However, like other communities in the CRD, Sidney suffers from both high real estate prices as well as high rents, making many housing choices unaffordable across the entire spectrum of household types, for both renters and owners alike (based on average incomes vs. average prices/rents).
In terms of home ownership, the average single-family home is considered unaffordable for every type of average household income, including the highest-earning group, couples with children.
The average renter in Sidney faces high rents as well; however, couples, both with and without children, are still able to afford average rents. Lone-parent families and individuals face affordability challenges and a rent gap (i.e. average incomes are lower than average rents).
Sidney appears to be building enough housing to meet its population growth expectations; however, the majority of housing being built is directed at wealthier households.
The largest category of unmet housing demand currently is below-market rentals, at approximately 400 units (estimated). This does not include anticipated future demand.
Lone-parent households in particular face affordability challenges.
Additional HNA Resources
- Development Proposals
The HNA can be utilized to identify specific gaps in the housing supply that need to be filled, and the Town will work with developers and non-profit housing providers to deliver this targeted supply to the market.
- Comprehensive Review of the OCP
As housing supply is a critical part of the solution to meeting future housing demand, the HNA has been analyzed as part of the recently completed comprehensive OCP review to evaluate the degree to which the Town’s land use plan can meet the housing needs identified by the HNA. Furthermore, recommendations in the HNA report have been analyzed for inclusion into a housing-specific section of the updated OCP to provide specific housing policy guidance for the Town going forward.
- Ongoing Monitoring of Housing Supply and Demand
Provincial requirements stipulate that a HNA must be updated every 5 years. Keeping the HNA up to date will allow the Town to periodically take stock of housing demand and supply in the community, undertake a critical review of housing policy with those factors in mind, and adjust accordingly.