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New rental homes for people with middle incomes in Squamish

New rental homes for people with middle incomes in Squamish

January 20, 2021 at 10:06 am  BC, News, Politics

Middle-income families and individuals in Squamish will soon have access to 67 new rental homes in their community as construction gets underway on a new apartment building.

“We know finding rental housing in Squamish has been a challenge for families and individuals who love the city and are helping build Squamish’s future,” said David Eby, Attorney General and Minister Responsible for Housing. “This project will provide much-needed new rental housing for the folks who help make Squamish work. We look forward to building more housing like this in Squamish and across the province to respond to the housing crisis faced by far too many people.”

Located at 38012 3rd Ave., the project will provide market rental homes designed to be affordable for middle-income households. The six-storey building will provide one-, two- and three-bedroom rental homes, with projected monthly rents ranging from approximately $1,675 for a one-bedroom unit to $2,500 for a three-bedroom unit. The project will also add much-needed rental stock in the community, freeing up other homes for other renters.

“Housing affordability is an ongoing challenge for our community, from our most vulnerable citizens to those with stable household incomes, so we are pleased to see this public-private project come forward through the HousingHub,” said Karen Elliott, mayor, District of Squamish. “BC Housing has been instrumental in funding many different projects in Squamish to help us address housing affordability. Our work is far from done and we know our ongoing progress will rely on a multi-pronged, collaborative approach with government partners, non-profit organizations, developers and citizens.”

The project is being built in partnership with Eighth Avenue Development Group through BC Housing’s HousingHub program. Created in 2018, the HousingHub works with community, government, non-profit and private-sector partners to help create new affordable rental housing and homeownership options for middle-income British Columbians.

“We’re proud to be developing these sustainably built quality homes in Squamish to meet the housing demands of this fast growing community,” said Ed Kolic, principal, Eighth Avenue Development Group. “Called Ashlu, the project is named after some of the area’s most enjoyable recreational natural elements, a creek, falls, mountain and canyon. The design and architecture pay homage to the area’s industrial heritage of mines and mills.”

Unlike other types of projects, the Province does not directly fund HousingHub projects. Instead, the Province provides low-cost financing through the HousingHub to encourage developers to build new rental homes, instead of condominiums for sale. The Province is providing approximately $23.6 million in low-cost construction financing for the project, which will be repaid by the developer.

“Our government recognizes that housing affordability is a challenge for people across the province, and Squamish is no exception,” said Bowinn Ma, MLA for North Vancouver-Lonsdale. “The HousingHub is one of many important components of our housing strategy to increase the supply of homes for individuals and families with a variety of income levels.”

Residents are expected to move in summer 2022.

Quick Facts:

  • Through provincial investments, more than 26,000 new homes are complete, under construction or in development for people with a range of incomes around the province.
  • The Province is working in partnership to increase the supply of affordable rental housing in Squamish for people at a range of income levels.
  • With this new project, there are currently 181 homes complete or underway in Squamish, including 74 homes for low- to moderate-income people scheduled to start construction in February through the Community Housing Fund at 38648 Buckley Ave.

Learn More:

HousingHub: https://www.bchousing.org/partner-services/housinghub

A map showing the location of all announced provincially funded housing projects in B.C. is available online: https://www.bchousing.org/homes-for-BC

To learn about the steps the Province is taking to tackle the housing crisis and deliver affordable homes for British Columbians, visit: https://workingforyou.gov.bc.ca/

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