Middle-income families will soon have nearly 50 new rental home options as ground breaks on a rental building in Colwood. The approximate rents are projected at $1,300/month for a one-bedroom and $1,650/month for a two bedroom apartment.
The Province, through the HousingHub, is providing interim construction financing of approximately $9.7 million. For this project, the HousingHub has partnered with Stride Properties Ltd. to build 48 market rental homes, which will be affordable for households with annual incomes ranging between approximately $52,000 and $66,000. The project will add much-needed rental supply to a community facing low vacancy rates.
Located at 284 Belmont Rd., construction of the four-storey building is underway. Completion is expected in late 2020.
The project is being built through a BC Housing program called the HousingHub, which was created by the Province in 2018. The HousingHub works with community, government and non-profit and private-sector stakeholders to help create new affordable rental housing and homeownership options for middle-income British Columbians.
Through the HousingHub, the Building BC funds and other provincial investments, more than 20,000 new homes are complete, under construction or in development for people with a range of incomes throughout the province.
Delivering affordable housing is a shared priority between government and the BC Green Party caucus, and is part of the Confidence and Supply Agreement.
Source: Goverment of BC, generic file photo.