Residents of British Columbia town of View Royal will have an extra 150 affordable rental units soon.
The provincial government says the mixed-income housing project will include a minimum of 44 affordable homes, 74 near-market-price homes and 34 shelter-rate homes rented at the provincial income assistance rate of $375 per month.
“Housing affordability and availability is a critical issue and a key priority for the CRD and requires a strong, collaborative response,” said Colin Plant, board chair, Capital Regional District. “The Regional Housing First Program partnership is a shining example of working together with our federal and provincial partners to build affordable and accessible communities that benefit the people who need it most.”
The West Park Lane development at 1938 West Park Lane near Thetis Lake, is a partnership between the governments of Canada and British Columbia, and the Capital Regional District (CRD), that will build 152 units in two six-storey wood-frame buildings.
Construction is expected to start in October 2019, with an anticipated opening date of September 2021.
“West Park Lane’s innovative mixed-market approach and unique funding partnership brings all levels of government to the table,” said Jean-Yves Duclos, federal Minister of Families, Children and Social Development and Minister Responsible for CMHC. “Through the National Housing Strategy, we are making historic investments in View Royal and across the country to help middle-class Canadians in communities hit hardest by housing challenges. Soon, people from all walks of life will have a safe and affordable home here, and I look forward to celebrating this project opening its doors in the near future.”
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