Three housing developments are planned for Saanich and Victoria to help boost the supply of rentals in the community announced the Ministry of Housing and Municipal Affairs on Thursday.

The Province says it’s putting up $117 million for 319 homes to support homes for low to middle income earners. A portion of the funds is a grant, and the rest is a low-interest construction loan.

“It is vital that people who keep our communities strong have homes that meet their needs, so they can continue providing the services we all rely on,” said Christine Boyle, Minister of Housing and Municipal Affairs.

Of the 319 homes planned, homes supported by BC Builds will have a minimum of 20 per cent of homes with rents at least 20 per cent below-market rate.

READ: Victoria ranks 3rd most unaffordable city in Canada for renters: report

Meanwhile, homes supported by the Capital Region Housing Corporation will have 20 per cent of homes at shelter rates at $445 for people with very low incomes.

Campus View Redevelopment

Located at 2249 McCoy Road in Saanich, the Campus View development will include 119 rental apartments, owned and operated by the Capital Regional Housing Corporation.

Of the units, 20 per cent are expected to be rented at a shelter rate of $445 with the remaining at affordable market rates for the community.

Saanich Mayor, Dean Murdock says the development is needed for the area.

“One of Saanich’s key housing needs is for secure, purpose-built rental housing. These are rental homes where people do not need to worry about displacement. As we work toward creating more homes in Saanich that meet many different needs, we’re grateful for the creative approach BC Housing’s BC Builds program has taken to provide hundreds of new housing options in our community and neighbouring ones,” says Murdock.

Funding will come from the province with a grant of $10.7 million and interim construction financing of up to $32 million – all through BC Builds at BC Housing.

Land is provided by the Capital Region Housing Corporation valued at $1.3 million, as well as a $9.6-million grant from the Regional Housing First Program, and a $1.43 million grant from the Regional Housing Trust Fund.

The District of Saanich is putting $333,000 towards the build from the Saanich Affordable Housing Reserve Fund.

Another $200,000 is coming from the Federation of Canadian Municipalities.

Village on the Green

The Village on the Green project at 1132 and 1138 Johnson Street in Victoria will see 160 rental homes built.

These will be owned and operated by the Capital Regional Housing Corporation.

Of the homes, 20 per cent will be rented at a shelter rate of $445 for people with low incomes, with the remainder at affordable market rents for the community.

“Housing remains a top priority for our residents, so city council has invested close to $5 million from the Victoria Housing Reserve Fund to support these two new purpose-built rental properties. In collaboration with the Province and our community partners, we continue to create affordable homes for Victorians, including hospitality and tourism workers who help make our city inviting and vibrant,” says Marianne Alto, mayor, Victoria.

Provincial funds through BC Builds at BC Housing amounts to a grant of $18.3 million and a $36-million interim construction loan.

Land was provided by the Capital Region Housing Corporation provided and valued at $5.4 million.

As well, a $12.3-million grant will come from the Regional Housing First Program and a $1.8-million from the Regional Housing Trust Fund.

Meanwhile, the Capital Regional District is putting in $4.2 million from the Growing Communities Fund, the City of Victoria is providing $2.4 million from the Victoria Housing Reserve Fund, and another $175,000 will come from the Federation of Canadian Municipalities provided $175,000.

Forest Heights

The Forest Heights development at 2558 Quadra Street in Victoria will see 40 new rentals built, as well as a commercial space at the ground level.

The building will be owned and operated by the Greater Victoria Housing Society and will prioritize tourism and hospitality workers through an agreement with Destination Greater Victoria.

Funding for the project will come from the province through BC Builds at BC Housing, which includes a grant of $6.8 million, and an interim construction loan of $13.2 million.

The land and cash equity is provided by the Greater Victoria Housing Society valued at $2.9 million.

Meanwhile the City of Victoria is using $2.5 million from the Victoria Housing Reserve Fund and another $272,000 for development cost charge waivers.

Another $24,500 will come from Vancouver City Savings Credit Union (Vancity).

READ: Federal housing minister says B.C. projects being eyed for Build Canada Homes

“These redevelopments will give residents in Greater Victoria more housing choices, helping them stay close to their loved ones and jobs. By working in partnership, we’re delivering these homes as quickly as possible and building a stronger, more connected community.”

The 319 homes in the three locations are planned to open in 2028.

Learn more at news.gov.bc.ca.