Middle-income families will soon have nearly 50 new rental home options as ground breaks on a rental building in Colwood.
“The old government left people in Colwood struggling to find a home they could afford,” said Mitzi Dean, MLA for Esquimalt-Metchosin. “We are working hard with our community partners to make sure people, including those with middle incomes, have access to the homes they need.”
The project is being built through a BC Housing program called the HousingHub, which was created by the Province in 2018. The HousingHub works with community, government and non-profit and private-sector stakeholders to help create new affordable rental housing and homeownership options for middle-income British Columbians.
For this project, the HousingHub has partnered with Stride Properties Ltd. to build 48 market rental homes, which will be affordable for households with annual incomes ranging between approximately $52,000 and $66,000. The project will add much-needed rental supply to a community facing low vacancy rates.
“Housing affordability is an ongoing concern, and we are happy to be working with BC Housing to add rental homes in our community," said Matt Peulen, president, Stride Properties Ltd.
Located at 284 Belmont Rd., construction of the four-storey building is underway. Completion is expected in late 2020.
“These 50 new homes for middle-income families will increase the diversity of housing choice in Colwood,” said Rob Martin, mayor of Colwood. “We want Colwood residents to be able to live in our community throughout their lives, and that includes having affordable rental options for young adults, families starting out and people on fixed incomes.”
Through the HousingHub, the Building BC funds and other provincial investments, more than 20,000 new homes are complete, under construction or in development for people with a range of incomes throughout the province.
Delivering affordable housing is a shared priority between government and the BC Green Party caucus, and is part of the Confidence and Supply Agreement.
- The Province, through the HousingHub, is providing interim construction financing of approximately $9.7 million for this project in Colwood.
- The approximate rents are projected at:
- One bedroom: $1,300/month
- Two bedroom: $1,650/month
- The Province is working in partnership to increase the supply of affordable rental housing throughout the Capital Regional District. More than 2,800 homes are completed or underway in the region, including:
- Community Housing Fund: more than 930 mixed-income homes
- Indigenous Housing Fund: more than 160 homes for Indigenous peoples
- Women’s Transition Housing Fund: 20 homes for women and children fleeing violence
- Rapid Response to Homelessness (modular housing): 21 homes for Indigenous women experiencing homelessness
- Regional Housing First Program: more than 760 homes
- Deepening Affordability Fund: more than 70 homes
- HousingHub: 48 homes
- Student housing (University of Victoria): more than 780 homes
A map showing the location of all announced provincially funded housing projects in B.C. is online:
To find out what the Province is doing to improve housing affordability, visit:
A backgrounder follows.