More rental housing options are now available for families, seniors and individuals with middle incomes in Vancouver with the opening of a new 52-unit apartment building.
“We know that renters, even those with middle incomes, are struggling to find affordable rental housing in Vancouver,” said Ravi Kahlon, Minister of Housing. “This new building will provide much-needed new rental housing to help people who call Vancouver home stay in the community they know and love. Through our HousingHub program, we look forward to building more housing like this across the province to respond to the housing crisis faced by far too many people.”
Located at 3737 Rupert St., The PEAK is a six-storey, wood-frame mid-rise with a mix of studio, one-, two- and three-bedroom units. Units are designed to be affordable for households with middle-incomes, with monthly rents ranging from $1,200 for a studio to $3,000 for a three-bedroom unit.
The building’s passive house certification means it will consume up to 90% less heating and cooling energy than conventional buildings, dramatically reducing operating costs and aligning with long-term goals under the CleanBC Plan.
“People in British Columbia deserve clean, energy-efficient and affordable homes. This is a key commitment of our government through the CleanBC Roadmap to 2030 and this project is a great example of making that commitment real for people,” said George Heyman, Minister of Environment and Climate Change Strategy. “Our government is working with all partners to increase energy efficiency – and affordability – in existing buildings, while ensuring all new buildings in the province are zero-carbon by 2030.”
The development is a partnership between the Province, through BC Housing’s HousingHub program, and Peak Real Estate Marketing Ltd. The Province provided approximately $21.6 million in low-interest financing for the project, which will be repaid with interest by Peak Real Estate Marketing Ltd.
“BC Housing’s support was invaluable for us as a small developer, given all the risks associated with increased cost of construction and COVID-19 related delays of materials and supplies,” said Jordan Eng, president, Peak Real Estate Group. “The interest in the residential units was overwhelming and we are proud of the outcome being able to provide 52 reasonably priced new homes for residents in the city.”
HousingHub was created in 2018 and works with communities and non-profit and private-sector developers to increase the supply of rental housing and homeownership options for British Columbians with middle incomes.
The Province does not directly fund HousingHub projects. Instead, the Province makes low-cost financing available to developers to build new housing. Through HousingHub, developers receive loans with lower interest rates than would otherwise be available. The developers commit to pass construction cost savings on to prospective tenants and homeowners through more affordable rents and ownership opportunities.
Residents started moving into their new homes in December 2022.
This project is part of B.C.’s 10-year, $7-billion housing plan. Since 2017, the Province has funded more than 36,000 affordable new homes that have been completed or are underway for people in B.C., including nearly 8,000 homes in Vancouver.
A map showing the location of all announced provincially funded housing projects in B.C. is available 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/
People interested in living at The Peak can inquire online: https://www.rentthepeak.com/
To read the CleanBC Roadmap to 2030, visit: www.cleanbc.ca