Adjusting to the times a necessity in Victoria

Changing dynamics of home ownership a fact of life in the Capital Region

Re:  Home ownership elusive for many in Capital region (News, Aug. 14)

I was homeless for nine months. I’ve built two homes, owned a number of homes in three provinces, and Victoria is the biggest challenge I have found to stable accommodations.

Times have changed over 40 years, and we all have been forced to adjust. I recall a zero vacancy rate in Vancouver in the early 1980’s. I recall interest rates at near 20 per cent for mortgages. I recall while a realtor, prices rising $5,000 per month and falling $5,000 per month.

I think we can expect that kind of volatility in the next few years. I also think the very notion of ownership is changing with the demographics. Many young people will now focus on changing work locations, working from home more and stability of ownership will not be a priority, nor will owning a vehicle. I think for seniors, youth and singles, “shared accomodations” will become more common.

News today of rising interest rates on mortgages and increased enrolment at the University of Victoria of 13 per cent mean the pressure on rental accommodation is something to which we all need to adjust.

Some things we can’t change and we need to “get over it.”

Ron Kinch

Victoria