VICTORIA - Workers and families will have more housing options as construction gets underway on 319 new homes across three projects in Saanich and Victoria.
"It is vital that people who keep our communities strong have homes that meet their needs, so they can continue providing the services we all rely on," said Christine Boyle, Minister of Housing and Municipal Affairs. "These redevelopments will give residents in Greater Victoria more housing choices, helping them stay close to their loved ones and jobs. By working in partnership, we're delivering these homes as quickly as possible and building a stronger, more connected community."
The Province, through BC Builds at BC Housing, is providing $117 million, including approximately $36 million in grants and more than $81 million in repayable low-interest construction financing, for the projects that will support people earning middle incomes.
The three housing redevelopments will help boost the supply of purpose-built rentals in the community. Under the program, each of the developments includes a number of below-market rental units. The projects include:
Campus View, 2249 McCoy Rd., Saanich:
119 rental apartments. The redevelopment will replace 12 aging townhomes, providing 107 net-new homes. The building will be owned and operated by Capital Region Housing Corporation. Twenty per cent of the homes are expected to be rented at the shelter rate for people with very low incomes.
Village on the Green, 1132 and 1138 Johnson St., Victoria:
This 160-unit redevelopment will replace a 38-unit building, providing 122 net-new homes. The building will be owned and operated by Capital Region Housing Corporation. Twenty per cent of the homes are expected to be rented at the shelter rate for people with very low incomes.
Forest Heights, 2558 Quadra St., Victoria:
This 40-unit redevelopment will replace an aging 18-unit building, providing 21 net-new homes with a commercial space at the ground level. It will be owned and operated by Greater Victoria Housing Society and, through a memorandum of understanding with Destination Greater Victoria, will prioritize tourism and hospitality workers.
All of the homes are expected to open in 2028. BC Builds developments will have a minimum of 20% of homes with rents at least 20% below-market rate. Exceeding this target under the BC Builds program, the homes supported by the Capital Region Housing Corporation will have 20% of homes at shelter rates at $445 for people with very low incomes.
BC Builds is part of B.C.'s $19-billion housing investment. Since it launched, more than 3,900 homes are underway, bringing more housing options to people with middle incomes throughout the province.
Learn More:
To learn how B.C. is working to deliver more homes for people, visit: https://gov.bc.ca/homesforpeople
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 how BC Housing is helping to build strong, inclusive communities, visit: https://www.bchousing.org/podcast
Two backgrounders follow.
Backgrounders
Grace Lore, MLA for Victoria-Beacon Hill -
"These new homes will help meet the urgent need for rentals and support the workers and residents who keep our economy moving. This is a big step toward building a stronger, more sustainable future for Greater Victoria."
Nina Krieger, MLA for Victoria- Swan Lake -
"Housing is essential for a thriving community. These developments will give more people access to secure homes close to jobs, schools, and services. This is about making life better for people and ensuring our region remains vibrant and inclusive."
Diana Gibson, MLA for Oak Bay-Gordon Head -
"Together with our non-profit partners, we are delivering much-needed homes across the region. These developments will help ensure that those who support our economy and care for our communities have a place to call home."
Marianne Alto, mayor, Victoria -
"Housing remains a top priority for our residents, so city council has invested close to $5 million from the Victoria Housing Reserve Fund to support these two new purpose-built rental properties. In collaboration with the Province and our community partners, we continue to create affordable homes for Victorians, including hospitality and tourism workers who help make our city inviting and vibrant."
Dean Murdock, mayor, Saanich -
"One of Saanich's key housing needs is for secure, purpose-built rental housing. These are rental homes where people do not need to worry about displacement. As we work toward creating more homes in Saanich that meet many different needs, we're grateful for the creative approach BC Housing's BC Builds program has taken to provide hundreds of new housing options in our community and neighbouring ones."
Zac de Vries, board chair, Capital Region Housing Corporation -
“The CRHC has a mission to increase housing opportunities for as many people as possible. It also shares a responsibility to existing tenants currently living at sites slated for redevelopment like Village on the Green and Campus View. With the support of our partners, we'll continue to respond to our community's pressing housing needs.”
Virginia Holden, CEO, Greater Victoria Housing Society -
"We thank the B.C. government, City of Victoria, and Destination Greater Victoria for their support of this creative project, which will provide much-needed rental homes close to downtown and jobs. By redeveloping the property on this site, we are ensuring that housing remains within reach for many moderate-income households for decades to come."
Campus View redevelopment, 2249 McCoy Rd., Saanich:
- The development will provide 119 new rental apartments, owned and operated by Capital Region Housing Corporation.
- Rents will be determined closer to project completion, but 20% of the units are expected to be rented at the shelter rate of $445, with the remainder at affordable market rents for the community.
- The Province, through BC Builds at BC Housing, is providing a grant of $10.7 million, as well as interim construction financing of up to $32 million.
- The Capital Region Housing Corporation provided the land, valued at $1.3 million, as well as a $9.6-million grant from the Regional Housing First Program, and a $1.43 million grant from the Regional Housing Trust Fund.
- The Federation of Canadian Municipalities provided $200,000.
- The District of Saanich is providing $333,000 from the Saanich Affordable Housing Reserve Fund.
Village on the Green redevelopment, 1132 & 1138 Johnson St., Victoria:
- The development will provide 160 new rental homes, owned and operated by Capital Region Housing Corporation.
- Rents will be determined closer to project completion, but 20% of the units are expected to be rented at the shelter rate of $445, with the remainder at affordable market rents for the community.
- The Province, through BC Builds at BC Housing, is providing a grant of $18.3 million, as well as interim construction financing of $36 million.
- The Capital Region Housing Corporation provided the land valued at $5.4 million, as well as a $12.3 million grant from the Regional Housing First Program and $1.8 million from the Regional Housing Trust Fund.
- The Capital Regional District is allocating $4.2 million to this project from the Growing Communities Fund.
- The City of Victoria provided $2.4 million from the Victoria Housing Reserve Fund.
- The Federation of Canadian Municipalities provided $175,000.
Forest Heights redevelopment, 2558 Quadra St., Victoria:
- The development will provide 40 new rental homes, owned and operated by Greater Victoria Housing Society. Priority will be given to tourism workers.
- The Province, through BC Builds at BC Housing, is providing a grant of $6.8 million, as well as interim construction financing of $13.2 million.
- The Greater Victoria Housing Society provided the land and cash equity valued at $2.9 million.
- The City of Victoria provided $2.5 million from the Victoria Housing Reserve Fund.
- The City of Victoria also provided development cost charge waivers of $272,000.
- Vancouver City Savings Credit Union (Vancity) also provided $24,500.