More than 325 new below-market homes underway in Port Moody
Families, seniors and Indigenous people will soon have access to more than 325 new below-market rental homes with construction underway on a development in Port Moody.
“With the building of these 328 below-market homes, more people in the community will have access to homes within their reach, bringing more peace of mind and stability in their lives,” said Ravi Kahlon, B.C. Minister of Housing. “We know that the housing shortage is taking a toll on many people in Port Moody and throughout B.C., and these homes will provide relief to people so they can thrive in the community they call home.”
The Creek at 296 Angela Dr. will provide 328 below-market, affordable rental homes as part of a larger multi-phase, 23-acre development coming to Port Moody called Portwood. The construction of The Creek marks the first phase of the project to proceed in partnership with Edgar Development, with more buildings containing market-rental and market housing on the way.
The Creek will consist of three six-storey apartment buildings featuring a mix of one-, two- and three-bedroom homes on a five-acre land. More than 75% of these will be two-bedroom homes that will be accessible to families. Sixty-six of these homes will also be fully accessible and 166 will be adaptable. All rental rates will be below the market rates and will be determined closer to the opening of the buildings.
“The peace of mind that comes with having a secure and stable home is invaluable,” said Ken Hardie, MP for Fleetwood-Port Kells, on behalf of Sean Fraser, federal Minister of Housing, Infrastructure and Communities. “This is why the federal government is glad to support the creation of these 328 new units, which will provide families, seniors and Indigenous Peoples in Port Moody with affordable and quality housing. Everyone deserves a safe place to call home, and through the National Housing Strategy, we are committed to making that a reality for all Canadians.”
Portwood is Port Moody’s first master-planned development since 2004, which will feature amenities such as child care, parks, and walking and bike paths that will be available to the community.
The affordable-housing portion of the project is a partnership between the Province, through BC Housing, the federal government, through the Canada Mortgage and Housing Corporation, Edgar Development, the City of Port Moody, M’akola Housing Society and the Entre Nous Femmes Housing Society.
The homes will be operated by M’akola Housing Society in partnership with Entre Nous Femmes Housing Society.
“Many people in Port Moody are struggling to find places to live that fairly match their budget and meet their needs, and we have to find ways to build these homes as soon as possible,” said Rick Glumac, MLA for Port Moody-Coquitlam. “That’s why it’s great to see that below-market homes were prioritized and are being built in the early phase of this development.”
Completion of The Creek is expected in late 2026. Residents will be selected through the M’akola Housing Society and Entre Nous Femmes Housing Society application process in unison with the BC Housing Registry. Supported by Edgar Development, previous residents were provided the option to relocate to existing vacant homes on the Portwood site and return to the new development when it’s complete.
This project is part of a $19-billion housing investment by the B.C. government. Since 2017, the Province has nearly 78,000 homes delivered or underway, including 389 in Port Moody.
Quick Facts:
- The Province, through BC Housing, is contributing a Deepening Affordability grant of $10.6 million and an Investment in Housing Innovation grant of $2.3 million.
- The federal government, through Canada Mortgage and Housing Corporation, is contributing $19.9 million in funding from the BC Housing Priorities Initiative and $16.4 million in forgivable loan.
- Edgar Development contributed the land valued at $28.5 million to BC Housing’s Provincial Rental Housing Corporation, securing the project for affordable housing through its rezoning application to the City of Port Moody.
- The City of Port Moody is contributing more than $560,000 in waived fees.
- Edgar Development’s Portwood redevelopment will take place over the next 15-20 years, transforming the site into a master-planned, well-served community with an innovative mix of housing, including affordable housing, market rental and strata, two new city parks, child care and neighbourhood retail.
Learn More:
To learn about B.C.’s Homes for People action plan, visit: https://news.gov.bc.ca/releases/2023HOUS0019-000436
To learn about the steps the Province is taking to tackle the housing crisis and deliver affordable homes for people in British Columbia, visit: https://strongerbc.gov.bc.ca/housing/
For information about Canada Mortgage and Housing Corporation, visit: https://www.cmhc-schl.gc.ca/
To find out about the National Housing Strategy, visit: http://www.placetocallhome.ca/
A backgrounder follows.