Construction is underway on a new apartment building in Colwood that will have 48 market rental homes.
According to the government, the $9.7-million four-storey building is being built through the BC Housing program called HousingHub, which has partnered with Stride Properties.
The government said the market rental homes will be affordable for households with annual incomes between $52,000 and $62,000. The approximate rents are projected at $1,300 a month for a one-bedroom, $1,650 a month for a two-bedroom.
“The old government left people in Colwood struggling to find a home they could afford,” Mitzi Dean, MLA for Esquimalt-Metchosin, said. “We are working hard with our community partners to make sure people, including those with middle incomes, have access to the homes they need.”
The apartment building is located at 284 Belmont Road. Construction is expected to finish at the end of 2020.
“These 50 new homes for middle-income families will increase the diversity of housing choice in Colwood,” Rob Martin, mayor of Colwood, said “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.”
HousingHub works with the community, government and non-profit and private-sector stakeholders to help create new affordable rental housing and homeownership options for middle-income British Columbians. The government said through the HousingHub, 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.