New affordable rental projects underway
Construction has started on two new affordable rental developments in Kelowna and West Kelowna, both supported by B.C. Housing.
One is at 1060 Cawston Avenue that will provide 40 rental homes for low-to middle-income individuals and families.
“This project is a partnership between the governments of Canada and B.C., the City of Kelowna and NOW Canada Society. Monthly rents are projected to range from $375 for a studio to approximately $1,835 for a three-bedroom rental,” said a B.C. government news release.
Work is also underway on Carrington View, which will provide 186 new rental homes for people with middle incomes, starting at around 12-hundred dollars per month.
The development of three four-storey apartments is at 2200 Majoros Road in West Kelowna
“The province, through B.C. Housing’s HousingHub, is partnering with Highstreet Ventures to deliver net-zero energy-ready homes, built to Step 4 of the provincial Energy Step Code, for households making between $50,000 and $100,000 each year,” said the release. “Projected monthly rents for the studio, one-and two-bedroom homes range from approximately $1,210 to $1,590.
The province partnered with the City of Kelowna and the Society of Hope to build 21 affordable rental homes at 165 Celano Cres. Families moved into their new homes in November 2019, and all of the homes are fully occupied. Monthly rents for the development, named Providence Boulevard, are $915 for a two-bedroom townhome and $1,100 for a three-bedroom townhome.
“The rental vacancy rate and costs in Kelowna makes it a struggle for many to pay market rents due to supply and demand. That’s why these developments are so important, adding to the ‘missing middle’ of housing inventory identified in the city’s 2017 Housing Needs Analysis,” said Kelowna Mayor Colin Basran.
“Highstreet is excited to make Step 4 of the Energy Step Code a reality for affordable rentals, 12 years ahead of the provincial requirement. We’re demonstrating to the industry that we can build a sustainable community at a reasonable cost of $185 per square foot,” said Scott Butler, president, Highstreet Ventures.