DocumentsPresentationApr 29, 2025Pages 17–31
Greater Victoria Rent Bank and Community Social Planning Council Presentation
Presentation describing the Greater Victoria Rent Bank program: purpose, eligibility, services provided and outcomes related to preventing evictions and supporting short-term housing stability.
Key facts
- Program purpose: provide interest-free loans to low- to moderate-income Greater Victoria residents facing temporary financial hardship
- Target outcome: prevent eviction and provide short-term housing stability
- Reported impact: 83 individuals impacted (including 30 children)
- Client household composition data: Living alone 29.9%, Living with family 52.3%, Living with roommates 17.8%
- Common crisis reasons listed: Employment, Family/Personal, Health, Landlord issues
GREATER VICTORIA RENT BANK
January 1st, 2024 - December 31st, 2024
INTRODUCTION
GREATER VICTORIA RENT BANK (GVRB)
How We Help
- Provide interest-free loans for low- to moderate-income individuals facing temporary financial hardship in the Greater Victoria area.
Eligibility
- Greater Victoria residents who are unable to access other financial assistance programs.
Purpose
- To prevent eviction and provide short-term housing stability for individuals facing unexpected financial setbacks.
RENT BANK ACTIVITY
Rent Bank Activity Overview
| Reporting Period | Total Applications Received | Rent-to-Income Ratio |
|---|---|---|
| January 1st, 2024 - December 31st, 2024 | 107 | 53% (compared to GVRB average of 57%) |
In the 2024 reporting period, 107 applications were received from Langford residents with an average rent-to-income ratio of 53%.
LOAN APPROVALS AND DISTRIBUTION
- Approved Loans: 32
- People Impacted: 83 (including 30 children)
- Total funds distributed: $65,322
- Average loan amount: $2041.31
32 loans were approved for Langford residents, totaling $65,322 in funding and supporting 83 people, including 30 children.
COMPARISON TO GVRB AVERAGES
| Metric | Langford |
|---|---|
| Share of loans received | Langford applicants received 23.4% of loans, despite only making up 15.5% of applicants. |
| Share of total loan funding | Langford applicants received 23.7% of total loan funding ($274,319 total). |
| Approval rate | Approval rate for Langford applicants: 29.9% vs. GVRB average of 21.7%. |
HOUSEHOLD COMPOSITION OF LANGFORD APPLICANTS
- Living with Roommates: 17.8%
- Living Alone: 29.9%
- Living with Family: 52.3%
Over half of Langford applicants live with family, while a third live alone, reflecting different household needs and circumstances.
A significantly higher proportion of Langford applicants are living with family than the average of 37.8% across the other Greater Victoria municipalities.
REASONS FOR APPLYING TO THE RENT BANK
- Employment Crisis: 14%
- Family/Personal Crisis: 62%
- Health Crisis: 22%
- Landlord Issue: 2%
The majority of Langford applicants cite family or personal crises as the primary reason for needing financial assistance (62%).
RENT AND INCOME BREAKDOWN
| Monthly Rent Amount | Langford | All Other Municipalities |
|---|---|---|
| Below $1000 (usually subsidized housing) | 11.2% | 19.6% |
| $1000-$1999 | 49.5% | 55.8% |
| $2000-$2999 | 29% | 17.7% |
| $3000+ | 10.3% | 16.8% |
SUBSIDIZED HOUSING AND RENT COMPARISON
| Key Point |
|---|
| 6.5% of Langford applicants were in subsidized housing compared to the GVRB average of 8.9%. |
| Langford applicants are paying more in rent than the GVRB average ($1889 vs. $1688). |
| 39.5% of Langford residents are paying over $2000/month in rent compared to the GVRB average of 34.5%. |
IMPACT ON THE COMMUNITY
| Area | Impact |
|---|---|
| Community Reach | 83 individuals impacted (including 30 children) |
| Financial Stability | Rent Bank loans have helped prevent evictions and ensured housing stability for low-income families. |
| Preventing Homelessness | The Rent Bank plays a key role in maintaining housing stability in the face of unexpected financial crises. |
TESTIMONIALS
Q&A
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