Supporting Rental Housing for the Middle-Class in Victoria
For immediate release
September 14, 2018
Victoria, BC – The lives of hard working middle-class Canadian families will be improved as they will soon have a safe and more affordable place to call home where they can prosper and thrive.
The Honourable Carla Qualtrough, Minister of Public Services and Procurement and Accessibility, on behalf of the Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development and the Minister responsible for Canada Mortgage and Housing Corporation (CMHC), today announced the construction of 47 new rental housing units, including five that are fully accessible, in Victoria.
Urban Core Ventures, doing business as Vancouver Island Investment Corporation, will benefit from a $21.1 million investment through the Rental Construction Financing initiative (RCFi) for the construction of its five-storey building. Thanks to the RCFi, this for-profit organization changed its intention from developing condo units to creating rental units.
Designed to achieve energy efficiency savings of 18% and located at walking distance from downtown, up to 21 units at the project will have rental rates well below 30% of the median household income in the area for a period of 15 years.
Responding to strong rental unit demand in Victoria, this project will provide affordable housing options close to public transit, schools and services for modest and middle-income households. As a result, they can enjoy better social outcomes and contribute to vibrant and socially inclusive neighbourhoods.
The RCFi, a National Housing Strategy initiative delivered through CMHC, supports the creation of a stable supply of rental housing across the country for middle-class families struggling in expensive housing markets.
“This National Housing Strategy investment will help build a foundation for 47 families and individuals that will soon move into these new rental housing units. For our Government, the Strategy is more than just building houses—we want to create homes that are affordable, energy efficient and accessible. We want to create communities where people can live close to jobs, schools, public transit and other services, like this project in Victoria.” — The Honourable Carla Qualtrough, Minister of Public Services and Procurement and Accessibility
“I’m passionate about creating housing options for people from all walks of life. I hope you will join me in celebrating the difference our Cook Street project will make and I look forward to announcing upcoming projects for you to consider in the future.”— Leonard Cole, President of Urban Core Ventures
- Launched in April 2017, the RCFi has generated a lot of interest and a high number of quality applications. This is why, through Budget 2018, the Government increased the amount for low-cost loans provided by this initiative from $2.5 billion to $3.75 billion from 2018 to 2021.
- The RCFI will encourage the construction of more than 14,000 new rental housing units across Canada.
- Low-cost loans are available to borrowers who want to build affordable rental housing in Canada in response to demonstrated community need.
- The rental market is an important housing option for approximately 30% of Canadians.
- The rental market vacancy rate in Victoria is at 0.7%.
- As Canada’s authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry. For more information, visit our websiteor follow us on Twitter,YouTube,LinkedInand Facebook.
- For more information about the Rental Construction Financing Initiative or to apply, please visit cmhc-nhs.ca.
- To find out more about the National Housing Strategy, visit placetocallhome.ca.
Information on this release:
Office of the Minister of Families, Children and Social Development
Canada Mortgage and Housing Corporation