New units added to affordable housing supply
Adding to Greater Victoria’s housing supply is critical. We need affordable homes for individuals and families who want to live and work in our region, and we need housing for vulnerable people at risk of falling through the cracks.
Last week, the Capital Regional District‘s housing agency helped announce the opening of 97 new rental units at Michigan Square in James Bay. The Capital Region Housing Corporation project includes 23 homes at shelter rates, 22 at the affordable housing threshold of 30% of income and 51 at or below market rates.
“We’ve been hearing from employers for many years that finding and keeping workers is a challenge and one of the root causes of that is our cost of living,” Chamber CEO Bruce Williams said. “We’re lucky to live in a region that people aspire to move into but the high demand that creates on housing stock impacts the value of the available supply.”
Another 58 rental homes are also in the works, with 40 units at 2558 Quadra St. and 18 at 1276 Gladstone Ave.
The projects are able to move forward thanks in part to government leveraging underused land and offering loans for builders at better than bank rates.
