Office of the Premier
More people in Vancouver, such as families, seniors and people living with disabilities, now have access to 82 new affordable rental homes with the opening of The Aster.
“Seniors living in these new apartments will benefit from affordable rents at the same rate they had in the same neighbourhood that they know and love,” said Ravi Kahlon, Minister of Housing. “The Aster is an example of multiple partners coming together to introduce affordable housing where families, seniors and people living with disabilities can benefit from a wealth of nearby amenities and be part of a thriving community.”
Located at 349 E. 6th Ave., The Aster is a partnership between BC Housing, Brightside Community Homes Foundation and Wall Financial Corporation. The new 12-storey building has studio, one-, two- and three-bedroom homes and will be owned and operated by Brightside. The building features a range of shared amenities, such as an outdoor common area and rooftop urban agriculture space.
“With these new homes now built, more families, seniors and individuals can remain in our community with their family and friends,” said Joan Phillip, MLA for Vancouver-Mount Pleasant. “Thank you to our project partners, Brightside Community Homes Foundation and Wall Financial Corporation, for their work on bringing The Aster to our community.”
The Aster replaces Brightside’s 36-unit seniors housing building at 325 E. 6th Ave., which lacks much-needed accessibility features and will be sold to Wall Financial Corporation for redevelopment into market and social housing.
“We’re incredibly proud to be opening these new affordable homes in Mount Pleasant,” said William Azaroff, CEO, Brightside Community Homes Foundation. “The Aster represents the first of hundreds of new affordable rental homes Brightside will be opening over the coming years and provincial funding for The Aster has helped us maximize affordability.”
The new building is providing existing tenants with better quality and more affordable homes. As construction is complete, tenants are moving from their homes at 325 E. 6th Ave. to The Aster and will continue to pay the same rents based on income.
“I know there will be a positive impact for the seniors and people living in these homes, and their families,” said Brenda Bailey, MLA for Vancouver-False Creek. “I look forward to seeing more homes like these built in B.C., so more people can access homes they can afford. Thank you to Wall Financial for making the land available and its work building The Aster, and to Brightside Community Homes for its leadership and vision.”
Forty-two of The Aster’s units will have rent geared to income, where rent is 30% of the tenant’s income. Nineteen units are for people with very low incomes, such as those receiving income or disability assistance, or a basic seniors’ pension. Twenty-one units are set at low-end market rates, ranging from $1,700 to $3,100 per month.
“Wall Financial is committed to continue working with the city and BC Housing to develop rental and affordable housing in the City of Vancouver,” said Bruno Wall, CEO, Wall Financial Corporation.
This project is part of a $19-billion housing investment by the B.C. government. Since 2017, the Province has nearly 78,000 homes delivered or underway, including approximately 8,000 in Vancouver.
Quick Facts:
The Province, through BC Housing, provided $14.6 million and will provide approximately $575,000 in annual operating funding.
Wall Financial Corporation provided the land and oversaw construction of the new affordable building at 349 E. 6th Ave.
Learn More:
To learn more about government’s new Homes for People action plan, visit: https://news.gov.bc.ca/releases/2023HOUS0019-000436
To learn about the steps the Province is taking to tackle the housing crisis and deliver affordable homes for British Columbians, visit: https://strongerbc.gov.bc.ca/housing/
