New homes help region’s workforce housing crunch

Construction has finished on a 135-unit condominium that serves as a great example of how the private sector can create housing for middle-income workers.

The 20-storey project, Vivid at the Yates, was built by Chard Development Ltd. and was able to sell homes at about 12% below market value thanks to a low-interest loan from BC Housing.

Chard now turns its attention to a similar project, Haven at 1100 Johnson St. The building will have 104 homes aimed at helping people enter the housing market. The project utilizes BC’s Affordable Homeownership Program. Buyers need to be Canadian citizens or permanent residents who don’t own property elsewhere and have lived in the province for at least one year.