The provincial government is preserving affordable housing in Courtenay through the purchase of the Washington Apartments, the city’s largest apartment complex.

There was a chance that the complex would be privately purchased and redeveloped, likely impacting tenants and resulting in the loss of much-needed affordable housing in the community. This would have impacted the complex’s tenants, who include singles, families, seniors and women transitioning away from domestic violence.

The provincial government’s purchase of the Washington Apartments means that the complex’s current rental rates will remain the same and a significant amount of affordable housing will be preserved in Courtenay.

The complex, located at 1027, 1029 and 1033 Ryan Road, provides 120 residential rental apartments and is currently fully occupied. After learning of the purchase, many tenants have expressed their relief to staff that the complex that their rental rates and tenancy agreements will remain in place.

Quick Facts:

• The B.C. government will provide $3.6 million of the $7.6 million total purchase cost.
• The site is located in an established commercial neighbourhood; surrounding properties include Superstore, Royal Bank, Coastal Credit Union and Canadian Tire.
• The building includes 111 bachelor suites and nine one-bedroom suites, and will be directly managed by BC Housing.

Quotes:

Don McRae, MLA for Comox Valley –

“The purchase of the Washington Apartments represents an excellent benefit to the buildings’ residents and the broader community. Courtenay is experiencing low vacancy rates – and increased rents – for bachelor and one-bedroom apartments, and it’s rare for a fully occupied building to be sold without changes to rental rates. With this purchase, our government is demonstrating its commitment to preserving affordable housing in B.C.”

Mayor Larry Jangula, City of Courtenay –

“There’s a demonstrated need for affordable housing in Courtenay, and we’re pleased to see the government step forward and conserve existing affordable rental stock in the area. It’s great news for residents of the Washington Apartments, and indeed for everyone in Courtenay. This purchase will add stability to the rental housing market. The property is a great location because it’s near major transit lines and the centre of town and is well situated for shopping and access to support providers.”

Quick Facts:

• Since 2001, the B.C. government has invested $4.4 billion to provide affordable housing for low-income individuals, seniors and families. This year, nearly 102,500 B.C. households will benefit from provincial social housing programs and services.
• Last year, the B.C. government invested over $2.9 million to provide subsidized housing and rent supplements for nearly 750 Courtenay households. To find out more, visit: www.bchousing.org

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