Canada supports housing redevelopment in Victoria

Construction is underway on a new housing project that will replace three aging apartment buildings with 97 new affordable rental homes for families, seniors, and people with low- to moderate-incomes in Victoria.

Through an innovative partnership between the Government of Canada, the BC Government and the CRD, this project is receiving $4.5 million through the Regional Housing First Program, to eliminate chronic homelessness and generate new rental housing options in southern Vancouver Island and surrounding Gulf Islands.

The Province, through BC Housing, is providing approximately $11.7 million in low-cost financing through its HousingHub initiative, a $4.6 million grant through Building BC: Community Housing Fund, and approximately $187,000 in annual operating funding. CRD is contributing the land and equity; the Regional Housing Trust Fund contributed $950,000; and the City of Victoria is providing $620,000. The Capital Regional Housing Corporation will own and operate the new buildings.

Located at 330 – 336 Michigan St., Michigan Square will replace 53 units spread across three aging apartment buildings that became uninhabitable due to water damage. The buildings have been demolished and their residents have been relocated to other affordable housing in the community.

The redevelopment will replace the demolished units with two new four-storey apartment buildings. The buildings will have a mix of studio, one-, two-, and three-bedroom homes, including:

• 24 units for people with very low incomes (rented at the provincial shelter rate);
• 22 rent-geared-to-income units (where people with low- to moderate-incomes pay 30% of their income);
• 51 units for people with moderate incomes (rented at market rates).

The development will also include a private courtyard with a playground and a community garden, as well as a gathering area and bicycle storage. When construction is complete, former residents in the older apartment buildings will have the option to move into the new homes. The heritage home and nine town homes on-site will not be redeveloped, and tenants will stay in their homes with unchanged rents.

Construction is expected to be completed in fall 2023, with residents moving in shortly after.

Quotes:

“Every Canadian deserves a safe place to call home. The redevelopment of Michigan Square will provide new homes to nearly 100 families, individuals and seniors in Victoria and is truly a community achievement that will be celebrated for generations to come. This is the National Housing Strategy at work.”

“Our Government is investing in affordable, high quality rental housing in Victoria and across BC to help create jobs and improve the quality of life for those who need it most. Thanks to the combined efforts of our partners, we are able to give a helping hand to individuals in need, and in doing so, we are contributing to the economic and social well-being of the entire community.”

“With construction starting on Michigan Square, more families, seniors and individuals in Victoria will have access to quality homes with affordable monthly rents that will help them stay in our community. We'll continue to work with our federal and community partners to build more affordable homes like these in Victoria and throughout British Columbia.”

“Housing affordability in our community is a top priority for Victoria City Council. Projects such as the Michigan Street development not only provide accessible housing and create vibrant neighbourhoods, they also highlight the remarkable impact that is possible when agencies work collaboratively on a common goal.”

“The Capital Regional Housing Corporation (CRHC) builds safe, vibrant, and accessible communities where our tenants can feel a sense of pride and belonging, and that commitment continues in our redevelopment of Michigan Square. The remarkable part of this project is the way our partners have come together to realize our goal increasing the supply of affordable and appropriate housing for low-, moderate- and middle-income households.”

Quick facts:

• The Government of Canada’s National Housing Strategy (NHS) is an ambitious, 10-year plan that will invest over $72 billion to give more Canadians a place to call home.
• The program will result in a direct investment of $120 million to create up to 2,000 units of affordable housing, including 400 units to address the needs of people experiencing homelessness on southern Vancouver Island and the Gulf Islands.
• This project is part of B.C.'s 10-year, $7-billion housing plan. Since 2017, the Province has funded nearly 34,000 affordable new homes that have been completed or are underway for people in B.C., including over 2,400 homes in Victoria.

Associated links:

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. CMHC’s aim is that by 2030, everyone in Canada has a home they can afford and that meets their needs. For more information, follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.

To find out more about the National Housing Strategy, visit: www.placetocallhome.ca.

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/.

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

For information on this news release contact:

Arevig Afarian
Office of the Minister of Housing and Diversity and Inclusion
Arevig.Afarian@infc.gc.ca

Media Relations
Canada Mortgage and Housing Corporation
media@cmhc-schl.gc.ca

Ministry of Attorney General and Responsible for Housing
Media Relations
236-478-0251

BC Housing
Media Relations
media@bchousing.org