The Province, through BC Housing, is helping preserve affordable rental housing in Kamloops by buying 435 Cherry Ave.
This vacant apartment building could have otherwise been redeveloped and converted to for-profit housing.
“To succeed in life, people need a place to call home, and we are making sure that more people in Kamloops have that today with this purchase,” said Ravi Kahlon, Minister of Housing. “Our government will continue to explore creative avenues like this to build on our commitment to increase affordable housing options that meet the needs of people in Kamloops and in communities across British Columbia.”
The building has 42 apartments, ranging from studios to two-bedrooms, and will be made available to low- and moderate-income families, seniors, individuals, and people living with disabilities. Renovations are required due to a fire inside the building in 2021.
The Cherry Avenue site is centrally located on Kamloops’ North Shore, close to major transit routes and shops and services at North Hills Shopping Centre, with easy access to Thompson Rivers University and the Royal Inland Hospital.
BC Housing bought the property for approximately $12.8 million through the Affordable Rental Housing fund. BC Housing will own the building and is in the process of selecting a society to manage it.
Renovations are expected to take approximately six months, with an aim of having tenants move in at the end of summer 2023.
Since 2017, the Province has delivered over 74,000 homes that are completed or are underway for people in B.C., including nearly 1,500 homes in Kamloops.
- In addition to this purchase, the Province is protecting affordable rental units through the creation of the $500-million Rental Protection Fund.
- The fund will enable community housing providers to buy existing rental buildings at risk of redevelopment and co-operative housing developments at risk of significant rent increases from new owners, to preserve affordable housing in B.C.
To learn more about government’s new Homes for People action plan, visit: https://news.gov.bc.ca/releases/2023HOUS0019-000436
More information about the Rental Protection Fund can be found here: https://news.gov.bc.ca/releases/2023PREM0002-000023
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/