No. The majority of families in Victoria won’t be able to afford Missing Middle housing. We can expect that townhouses will be in the range of $1 million – to that you will have to add GST and land transfer taxes. The median household income in Victoria is under $70,000 per year, hardly enough to afford a down payment of $195,000, mortgage payments of $4,500 per month plus monthly strata fees.
Further, it is likely that these types of developments will impact/increase the value of other new homes and properties in the community, leading to and increase in property taxes.
Based on the numbers being provided by the city, development community and the Coriolis report that was prepared for the city, it is hard to fathom how this policy, in its current form, will enable families to remain in Victoria.