Madrona at Dockside Green, a below-market rental housing project, is ready for families to move into early next month.
B.C.-based non-profit developer Catalyst Community Developments Society announced completion of the 49 new homes in Victoria’s Vic West neighbourhood.
“The completion of Madrona at Dockside Green is a major milestone for Catalyst” Catalyst President Robert Brown said in a media release.
“Madrona is our first construction project in Victoria, and offers a real opportunity to demonstrate that there is a better way to create new housing that will actually offer more housing affordability – not less.”
Brown said a home is considered affordable when no more than 30 per cent of total household income is spent on rent.
Rents at Madrona are offered at 10-to-40 per cent below market value, with studios starting at $695 a month to four-bedroom townhouses for $1650 a month.
The properties are intended for individuals and families that earn between $29,000 and $67,000 a year.
|Home Type||Home Size||Max Annual Income (2016)*||Rent Range|
|Studio||244 – 293 sf||$29,500||$695.00 – $725.00|
|420 – 444 sf||$34,500||$875.00|
|531 – 544 sf||$43,000||$1000.00|
|837 – 896 sf||$60,000||$1500.00|
|1009 – 1141 sf||$67,000||$1650.00|
“Housing affordability is a major concern for Victoria residents and businesses, and with a vacancy rate of around 0.5 per cent, our city needs significantly more rental supply to meet that demand,” Victoria Mayor Lisa Helps said.
To be eligible for tenancy at Madrona, renters have to prove their household income is below the maximum for each size of home.
There are 23 studio apartments, eight one and two-bed apartments and five three and four-bedroom homes.