More than 60 new rental homes are under construction in Victoria through the Province’s HousingHub program.
“People need and deserve safe and secure housing, but finding affordable housing has been a challenge for many in our community,” said Rob Fleming, MLA for Victoria-Swan Lake. “I’m pleased that this project will provide good, affordable homes for working families that are close to their friends, work, vibrant business districts and community amenities.”
Located at 2570 Fifth St., the five-storey, wood-frame building will provide 64 affordable homes for households with annual incomes between $48,000 and $100,000. The project will offer studio, one-bedroom, two-bedroom and three-bedroom homes. The project will include ground floor commercial space, which will be leased by the Vancouver Island School of Art.
“Everyone deserves a good home,” said Lisa Helps, mayor, City of Victoria. “We’re grateful for the Province’s creativity in partnering with the private sector to help us reach our goal of creating more affordable rental homes in Victoria. I’m excited to see the vibrancy this project will add to the neighbourhood by bringing much-needed rental housing for individuals and families and supporting a beloved community arts school to also have a new home.”
The project is being built in partnership with Aryze Developments through BC Housing’s HousingHub program. The HousingHub was created in 2018 and works with community, government, non-profit and private-sector partners to help create new affordable rental housing and homeownership options for middle-income British Columbians.
“This project is the embodiment of our belief that every neighbourhood should have diverse housing types and tenures for all incomes and demographics,” said Luke Mari, principal, Aryze Developments. “A densified, compact, walkable lifestyle is critical to solving our climate and housing crises, all while creating more liveable and healthier communities.”
Construction is expected to be complete in spring 2021.
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 up to $17.2 million for this project in Victoria.
- Rents for the homes will be:
- studio: approximately $1,000 to $1,215 per month
- one bedroom: approximately $1,375 to $1,440 per month
- two bedrooms: approximately $2,000 to $2,145 per month
- three bedrooms: approximately $1,125 to $2,500 per month
- Including these 64 homes, the Province is working in partnership to build more than 3,400 new affordable homes for people with a range of incomes in the Capital Regional District.
For more information on how BC Housing is supporting British Columbians during the COVID-19 outbreak, visit: https://www.bchousing.org/COVID-19/
A map showing the location of all announced provincially funded housing projects in B.C. is online: https://www.bchousing.org/homes-for-BC
To learn about the steps the Province is taking to tackle the housing crisis and deliver affordable homes for British Columbians, visit: https://workingforyou.gov.bc.ca/
A backgrounder follows.