New rental homes for people with middle incomes in Colwood


July 9, 2019

COLWOOD - Middle-income families will soon have nearly 50 new rental home options as ground breaks on a rental building in Colwood.

"The old government left people in Colwood struggling to find a home they could afford," said Mitzi Dean, MLA for Esquimalt-Metchosin. "We are working hard with our community partners to make sure people, including those with middle incomes, have access to the homes they need."

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.

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.

"Housing affordability is an ongoing concern, and we are happy to be working with BC Housing to add rental homes in our community," said Matt Peulen, president, Stride Properties Ltd.

Located at 284 Belmont Rd., construction of the four-storey building is underway. Completion is expected in late 2020.

"These 50 new homes for middle-income families will increase the diversity of housing choice in Colwood," said Rob Martin, mayor of Colwood. "We want Colwood residents to be able to live in our community throughout their lives, and that includes having affordable rental options for young adults, families starting out and people on fixed incomes."

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.

Quick Facts:

  • The Province, through the HousingHub, is providing interim construction financing of approximately $9.7 million for this project in Colwood.
  • The approximate rents are projected at:
    • One bedroom: $1,300/month
    • Two bedroom: $1,650/month
  • The Province is working in partnership to increase the supply of affordable rental housing throughout the Capital Regional District. More than 2,800 homes are completed or underway in the region, including:
    • Community Housing Fund: more than 930 mixed-income homes
    • Indigenous Housing Fund: more than 160 homes for Indigenous peoples
    • Women's Transition Housing Fund: 20 homes for women and children fleeing violence
    • Rapid Response to Homelessness (modular housing): 21 homes for Indigenous women experiencing homelessness
    • Regional Housing First Program: more than 760 homes
    • Deepening Affordability Fund: more than 70 homes
    • HousingHub: 48 homes
    • Student housing (University of Victoria): more than 780 homes

Learn More:

HousingHub: https://www.bchousing.org/partner-services/housinghub

A map showing the location of all announced provincially funded housing projects in B.C. is online:https://www.bchousing.org/homes-for-BC

To find out what the Province is doing to improve housing affordability, visit: https://news.gov.bc.ca/factsheets/bc-government-addressing-housing-affordability-challenges

A backgrounder follows.


Contacts:

Ministry of Municipal Affairs and Housing
Media Relations
778 698-9176

Laura Mathews
BC Housing
604 439-8571
 

BACKGROUNDER

Province building new homes to meet full spectrum of housing needs

The B.C. government is working in partnership to build 114,000 affordable homes that cover the full spectrum of housing needs for British Columbians by 2028.

Budget 2018 included a $7-billion investment in the homes people need. As a result of that investment, more than 20,000 new homes are completed, under construction or in the approvals process for a range of people that are struggling to find a place to live — from people who are experiencing homelessness and seniors on fixed incomes, to middle-income families, students and individuals. To date, this includes:

Housing for middle-income earners (households with annual incomes between $50,000 and $150,000) – approximately 2,460 homes:

  • Building BC: Community Housing Fund: approximately 1,500 rental homes for people with middle incomes.
  • HousingHub: 960 homes.

Housing for people with low to moderate incomes (including some where rents are based on 30% of household income and others with set rents, which are designed to be affordable to moderate-income households, in most cases earning less that $70,000 annually) – approximately 9,200 homes:

  • Building BC: Community Housing Fund: approximately 3,700 rental homes for people with low to moderate incomes.
  • Affordable Rental Housing Program: nearly 1,600 homes for low to moderate incomes.
  • Deepening Affordability Fund: more than 2,100 homes for low to moderate incomes.
  • Building BC: Indigenous Housing Fund: more than 1,150 homes for Indigenous peoples, on and off reserve.
  • Regional Housing First Program: more than 600 homes for people with low to moderate incomes.

Housing for people experiencing or at risk of homelessness (shelter-rate housing) – approximately 2,800 homes:

  • Rapid Response for Homelessness: more than 2,000 homes with 24/7 support.
  • Building BC: Supportive Housing Fund: more than 550 homes with 24/7 support.
  • Regional Housing First Program: more than 170 homes for those ready to live independently with supports.

Housing for women and children leaving violence – approximately 340 homes:

  • Building BC: Women’s Transition Housing Fund: approximately 340 spaces of transition, second-stage and affordable rental housing for women and children leaving violence.

Housing for students – approximately 5,600 homes:

  • BC Student Housing Loan Program: approximately 2,700 on-campus student housing units are underway or in the approvals process.
  • Nearly 2,900 student housing units are also underway or in development through partnerships with post-secondary institutions.

Total: approximately 20,400 homes

Contacts:

Ministry of Municipal Affairs and Housing
Media Relations
778 698-9176

Laura Mathews
BC Housing
604 439-8571