It’s no surprise that Victoria has one of the lowest rental vacancy rates in the province, and today, the B.C. government unveild the specifics of UVic’s expanding affordable student housing.
The campus expansion was announced by the university in March, and it will increase the amount of on-campus housing by 25%.
The project marks the second endeavor for the new BC Student Housing Loan Program, a $450-million initiative that launched this year in an effort to make housing more affordable and available for students.
“Students have enough stress in their lives without having to worry about finding a place to live they can afford,” said premier John Horgan in a press release.
“By increasing housing stock specifically for students, we’re also taking the pressure off local rental markets, giving more options to other renters.”
UVic President Jamie Cassels thanks the BC government for the support for new student housing. #UVic pic.twitter.com/cnytkXEKhc
— UniversityOfVictoria (@uvic) November 15, 2018
The new on-campus housing will include two buildings that can accommodate 782 students. The resident buildings will be more affordable than market housing, student group and study space, an Indigenous student lounge, communal social spaces, laundry facilities and secure indoor bicycle storage.
The UVic project will also be the first on-campus housing to use the Passive House construction standard, which means the building will use 75% less energy for heating and cooling, and at least 50% less overall energy than a typical construction design.
“For years we’ve been calling on the government to make education more accessible by helping students who have few options for affordable housing in a community with low rental availability and a high cost of living,” said Ainsley Kerr, a member of the University of Victoria Student Society.
The total cost for the project is estimated at $201 million. The Province is investing $123 million while the University of Victoria Foundation is providing up to $45 million. The university itself is financing the remaining $33 million.
Related: UVic plans new student housing in place of old dining hall and residence buildings
