The BC government has announced that there will soon be 319 new purpose-built rental homes in Victoria and Saanich as construction is well underway on three separate projects in the region.
Through their BC Builds initiative, the Province is providing $117 million for these three projects.
Around $36 million of this investment is being funded via grants and more than $81 million is being provided through repayable low-interest construction financing.
According to the Province, the goal for this investment is to provide more housing options for people earning middle incomes.
All three projects will include a number of affordable, below market homes.
The first of the three projects is the Campus View building, located at 2249 McCoy Road in Saanich.
Campus View will bring 119 rental apartments to the area, replacing 12 aging townhomes on the property that previously occupied the site.
The building will be owned and operated by Capital Region Housing Corporation (CRHC) and 20% of the homes are expected to be rented at the provincial shelter rate for people with very low incomes.
The second housing project is the Village on the Green building, located at 1132 and 1138 Johnson Street in Victoria. This will bring 160 new units to Victoria, replacing a 38-unit building.
This building will also be owned and operated by CRHC, and will similarly have a dedicated 20% of its units being rented at the shelter rate.
Lastly, the Forest Heights project at 2558 Quadra Street in Victoria will bring 40 new units to the community, replacing an 18-unit building.
This project also features a commercial space at the ground level and will be owned and operated by the Greater Victoria Housing Society (GVHS).
Through a memorandum of understanding with Destination Greater Victoria, this building will prioritize tourism and hospitality workers.
“These new homes will help meet the urgent need for rentals and support the workers and residents who keep our economy moving,” said Grace Lore, MLA for Victoria-Beacon Hill.
“This is a big step toward building a stronger, more sustainable future for Greater Victoria.”
All of the homes are expected to open in 2028.
