Oak Bay, a charming community near Victoria, known for its waterfront, historic golf courses, and affluent living, faces the challenge of meeting the provincially mandated target of adding 664 net new housing units by 2028. With a typical single-family home valued at $1.64 million, Oak Bay is Vancouver Island’s priciest housing market. The province’s push to address the housing crisis includes Oak Bay, despite its small population of 18,000. Legislation now allows multi-unit buildings on properties zoned for single-family use.

However, with only 189 housing starts in the past five years and the last multi-family complex built seven years ago, achieving the target poses a monumental challenge. Failure to meet the target could result in the province intervening to increase local housing stock. Targets for 10 more municipalities are set to be announced in the coming weeks.