Motel purchase to pave the way for affordable housing in Penticton

The B.C. government’s recent purchase of a motel in Penticton is set to lay the foundations of an affordable rental housing option for homeless individuals in the area.
 
In an August 11 press release published online by the Canada Mortgage and Housing Corporation (CMHC), officials announced that the 42-unit Bel Air Motel in 2670 Skaha Lake Road will be refurbished and modernized to accommodate fiscally at-risk segments of the population.
 
The newly dubbed “Fairhaven” project is jointly funded by the federal government and the B.C. provincial administration, with a total investment of $3.2 million for the purchase and renovations.
 
“Our Government is committed to increasing affordable housing for people in need throughout the country, including Penticton. We will continue partnering with provinces and territories to fund financially sound housing projects and help improve the lives of our most vulnerable populations,” according to the Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development and Minister Responsible for the CMHC.
 
“Affordable housing for our most disadvantaged residents has been a long time goal for our community. This is a welcome and much needed development that will bring safety, independence and dignity to many who struggle to keep a roof over their heads,” Penticton mayor Andrew Jakubeit said.
 
The affordable housing complex is set to begin accepting tenants by fall 2016.


Related stories:
The mad dash for rental space in overheated Vancouver
Rental market scarcity and prices choking off Simon Fraser students
 

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

Investment Hot Spots:
Fortune Bridge, Canal, Manitou, Langham, Saint-Honoré-de-Shenley

COMMENTS

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address

Poll

Have your investment plans changed for 2017?