Construction has finished on a new 135-unit condominium project in downtown Victoria, aimed at middle-income families and individuals.
Located at 845 Johnson Street, Vivid at Yates is meant to provide affordable homeownership options for middle-income and individuals in Victoria. The 20-storey building features one-bedroom, one-bedroom-plus-den and two-bedroom homes.
All units have been sold and owners will begin moving into their new homes this month.
Buyers had to be Canadian citizens or permanent residents who have lived in BC for 12 months prior to sale with an income of just over $60,000. They could not own property anywhere else in the world.
Residents agreed to live in the property for, at least, two years before selling, except under extenuating circumstances.
The project was accomplished by the BC government providing a low-interest construction financing loan of approximately $52.9 million to Chard Developments.
According to the province, 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.
“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.
“We’ve got much more to do, and with the expansion of our Housing Hub by $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.”
Chard will explore building a second similar building in Victoria through BC Housing’s HousingHub: Affordable Homeownership Program.