Two new rental developments are underway in Victoria, bringing 150 units to market for families, seniors and individuals with low to moderate incomes.
“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 is comprised of 97 rental homes for residents with low to moderate incomes. The property, which features two four-storey buildings connected with an elevated pedestrian walkway, replaces 53 aging apartment units on the same site that were at the end of their lifespan. Offering a mix of studio, one-, two- and three-bedroom homes, with seven fully accessible units, nearly half the units are geared to people with low and very low incomes, while the other half is being rented at or below market rates.
“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.”
In addition, 58 new rental homes will be coming to 2558 Quadra St. and 1276 Gladstone Ave, funded through the BC Builds initiative. The program leverages underused land and repayable loans for builders at rates better than banks, and once complete, the projects must target households with low to middle incomes.
“Our community needs more quality affordable homes to support people to stay and work in the city they love,” said Grace Lore, MLA for Victoria-Beacon Hill. “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.”
