Construction has finished on a new 135-unit condominium project, boosting the supply of affordable homeownership options for middle-income families and individuals in Victoria.
Affordable housing for middle-income British Columbians is a priority for our government, and this pilot project is one example of the important work that can be done in partnership with the private sector to achieve that goal,” said David Eby, Attorney General and Minister Responsible for Housing. The opening of these new units is great news for the families that will benefit from this project and get a chance to own their own home, which they might not otherwise have had. We’ve got much more to do, and with the expansion of our Housing Hub to $2 billion in the last budget, we’ve got much more we can do to support middle-class families and their housing needs in the years to come.
Located at 845 Johnson St., Vivid at the Yates provides below-market homes designed to be affordable for middle-income households. The 20-storey building features one-bedroom, one bedroom-plus-den, and two-bedroom homes, which will add much-needed homeownership stock in the community.
The Province provided a low-interest construction financing loan of approximately $52.9 million to Chard Development to develop the project. By providing construction financing at a lower interest rate than what would typically be available, the developer was able to pass the savings on to qualifying buyers so units could be purchased at below-market prices.
“We have always worked to build Victoria in a sustainable and economically viable way,” said Byron Chard, president and CEO, Chard Development. “Vivid represents our ninth residential development in Victoria, and we are proud to have provided homes to people who may not have otherwise been able to step into homeownership.”
To be eligible to purchase homes in the building, buyers had to be Canadian citizens or permanent residents who have lived in British Columbia for 12 months prior to the sale and could not own property anywhere else in the world. Residents also had to agree to live in the property for two years before they can sell, except in extenuating circumstances.
“Our government is committed to providing a variety of options across the housing spectrum to meet the needs of people in British Columbia,” said Grace Lore, MLA for Victoria-Beacon Hill. “Thanks to our partnership with Chard Development, this building will provide families and individuals in Victoria with new affordable homes in their community.”
The average household income for qualifying buyers was just over $60,000. All units have been sold and owners will start moving into their new homes this month. The success of the project has prompted Chard to explore building a second similar building in Victoria through BC Housing Housing’s Hub: Affordable Homeownership Program.
- Homes at Vivid sold for an average of 12% below market rates at the time of purchase.
- This housing development was financed through a 2017 pilot project.
- When this project was first proposed over four years ago, there were no other affordable homeownership programs in place.
- Since then, BC Housing has launched the HousingHub: Affordable Homeownership Program (AHOP). More information about AHOP can be found here: https://www.bchousing.org/housinghub/programs-andeligibility