A redevelopment project is bringing 82 new rental homes onto the market in Colwood ranging from $862 to $1,570 per month, aiming to ease the current housing crisis.
Construction began on the new housing project last April with the expectation of housing families, seniors and people living with disabilities. The province, through B.C. Housing, provided $8.4 million to the project, along with $328,000 contributed by the City of Colwood through its affordable housing reserve.
Located at 2006 Sooke Road, the redevelopment that replaced 12 aging townhouses, is near community amenities such as schools, retail areas and transit. The 82-unit development, called Helios, already has some residents moving in.
“In Colwood we recognize that the strongest communities are those that offer a range of housing options to meet the needs of people at every age and stage of life,” said Mayor Rob Martin. “These bright and welcoming homes at Helios in Colwood will allow people to build the life they envision for themselves and their families.”
Rental rates for the Helios project are $862 per month for a studio, $995 per month for a one bedroom, $1,292 per month for two bedrooms and $1,570 per month for a three bedroom unit.
As part of Building B.C. — the largest investment in affordable housing in B.C.’s history — the Province is investing $140 million to build 1,100 units of additional affordable housing throughout the Capital Regional District.
This includes the Community Housing Fund providing $100 million for more than 900 mixed-income homes, the Indigenous Housing Fund providing $33 million for more than 160 homes for Indigenous people, the Women’s Transition Housing Fund providing $7 million for 20 homes for women and children fleeing violence and the Rapid Response to Homelessness (modular housing): 21 homes for Indigenous women experiencing homelessness in Victoria.
In order to address the issue of housing affordability for British Columbians, the Province is curbing speculation in B.C.’s housing market and helping build 114,000 affordable market rental, non-profit, supported social housing and owner-purchase housing through partnerships.
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