Tuesday, July 9, 2019 ~ COLWOOD [Updates July 14, 2019]
by Mary P Brooke ~ West Shore Voice News
With a backdrop of a carved-out hillside and crumbled rock underfoot, Colwood Mayor Rob Martin and Mitzi Dean, MLA (Esquimalt-Metchosin) joined Stride Properties developer Matt Peulen today July 9 in announcing a 48-unit middle-income rental housing development at 284 Belmont Road in Colwood.
Middle-income families that are not on income assistance but still struggle — perhaps working at minimum wage — to meet the cost of living, are the target rental pool for this development in a quiet neighbourhood.
Unlike affordable housing developments, rental applicants may approach the developer directly through the Stride Properties website, and not have to go through a social services system.
“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,” she said today.
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. of North Saanich to build 48 market rental homes, aimed at being affordable for households with annual incomes ranging between about $52,000 and $66,000. The project is intended to 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.
Construction of the four-storey building is underway. Completion is expected in late 2020.
“These 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.”
Mayor Martin described Colwood as “an exceptional community with a unique quality of life”. He made special mention of dedicated natural park areas (including the Garry Oak land contributed by Stride Properties behind the Belmont Road development), natural trails, old growth fields, the Royal Roads campus area, and the Esquimalt Lagoon which he called “a jewel for Colwood”.
Martin said the middle-income housing project is a “much-needed aspect of what Colwood is about”.
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.
The developer says the loan from the BC Government through the HousingHub has “great terms and interest”, with the loan-to-value ratio being higher than at a typical bank. Stride Properties has supplied the one acre of land while BC Housing funds the construction, said Peulen.
Delivering affordable housing is a shared priority between government and the BC Green Party caucus, and is part of the Confidence and Supply Agreement.
- 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 $1,300/month for a 1-bedroom and $1,650/month for 2-bedroom units.
- 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.
============ - Map showing the location of all announced provincially funded housing projects in BC
- Housing affordability in BC