Families, seniors and individuals in Victoria with low to moderate incomes are moving into 97 new rental homes with the opening of Michigan Square, while another 58 homes for earners with middle incomes are on the way through new BC Builds projects.

“Families and seniors who call Victoria home don’t want to have to move further away to find housing they can afford,” said Ravi Kahlon, Minister of Housing. “That’s why we’re investing in and building up new rental homes through our BC Builds program and other initiatives. Our communities depend on working professionals like teachers, nurses and construction workers to grow and thrive, and we are committed to creating more quality, secure housing within their budgets.”

The newly opened Michigan Square development at 330-336 Michigan St. in James Bay has 97 new rental homes for people with low to moderate incomes. It features two four-storey buildings connected with an elevated pedestrian walkway. The two buildings have 53 and 44 homes respectively and feature a community garden, playground and private courtyard for residents to enjoy. Michigan Square replaces 53 aging apartments on the same site that were at the end of their lifespan. These homes are part of a government plan that is delivering more than 3,600 new homes for people in Victoria.

The buildings have a mix of studio, one-, two- and three-bedroom homes, with seven fully accessible units. These include:

• Twenty-four units for people with very low incomes that will be rented at the provincial shelter rate;
• Twenty-two units with rent geared to income for which people with low to moderate incomes will pay 30% of their incomes; and
• Fifty-one units for people with moderate incomes that will be rented at or below market rates (starting from $1,770 for a one-bedroom, $2,000 for a two-bedroom unit and $2,380 for a three-bedroom unit).

“The redevelopment of Michigan Square will provide affordable, secure homes to nearly 100 families, individuals and seniors in Victoria and is truly a community achievement that will be celebrated for generations to come,” said Jonathan Wilkinson, federal Minister of Energy and Natural Resources, on behalf of Sean Fraser, Minister of Housing, Infrastructure and Communities. “Thanks to the collaboration between all levels of government, we are building more affordable housing in Victoria, and in doing so, we are contributing to the economic and social well-being of the entire community.”

The Capital Region Housing Corporation will own and operate Michigan Square.

In addition, separate initiatives will see 58 new rental homes built at two separate sites in Victoria through the BC Builds program.

These two projects include 40 homes at 2558 Quadra St. and 18 homes at 1276 Gladstone Ave. Both buildings will provide homes for households with middle incomes, such as nurses, construction workers and child care professionals. Both projects are in the design and planning stages and further project details will be made available once they are finalized.

By leveraging underused land and repayable loans for builders at rates better than banks, which are all paid back to government with interest, BC Builds is designed to overcome challenging market conditions and deliver lower-cost rental homes for people in communities throughout B.C. The program also provides grants to ensure greater affordability and works with municipalities, landowners, residential builders and housing operators to move projects from concept to construction within 12 to 18 months, compared to the current average of three to five years.

Once complete, BC Builds homes have a target of households with middle incomes spending no more than 30% of their income on rent. Additionally, at least 20% of units will have rents that are at least 20% below market rate for projects in partnership with non-profits and First Nations.

These homes are part of a $19-billion housing investment by the B.C. government. Since 2017, the Province has nearly 80,000 homes that have been delivered or are underway for people in B.C., including more than 3,600 homes in Victoria.

Quotes:

Grace Lore, MLA for Victoria-Beacon Hill –

“Our community needs more quality affordable homes to support people to stay and work in the city they love. Through providing homes for earners with middle incomes, including nurses, construction workers and child care professionals, these new homes will go a long way in serving families and our community. This is an important example of how all levels of government, developers and non-profits can work together to make life better for people.”

Rob Fleming, MLA for Victoria-Swan Lake –

“We’re proud to work with all levels of government to make projects like Michigan Square possible. Homes like these ensure that people can live and thrive in their communities, and there will soon be even more, with nearly 60 more homes underway through our BC Builds program.”

Zac de Vries, chair, Capital Region Housing Corporation (CRHC) –

“It has been incredible to see this project come together with the federal and provincial governments investing alongside the CRHC to bring our shared goals and values to life. Michigan Square’s 97 rental units brings 44 new homes into James Bay for those looking for an affordable, attractive, inclusive and sustainable place to call home.”

Marianne Alto, mayor of Victoria –  

“The city supports the creation of affordable housing options that will provide stability and support for our residents. As these much-needed homes become available in our community, we take further steps to intentionally build a city where everyone has access to a home that meets their needs.”

Learn More:

To learn about B.C.’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 people in British Columbia, visit: https://strongerbc.gov.bc.ca/housing/

To find the most-requested Government of Canada housing information, visit: https://www.canada.ca/en/services/finance/manage/housing.html

To find out about the National Housing Strategy, visit: https://www.placetocallhome.ca/

For information about Canada Mortgage and Housing Corporation, visit: https://www.cmhc-schl.gc.ca/

A backgrounder follows.