More than 100 affordable new homes for sale in Victoria
VICTORIA - Middle-income homebuyers have the opportunity to purchase more than 100 affordable new homes in Victoria, thanks to an innovative partnership between the Province, through BC Housing, and Chard Development.
"The housing crisis has left people throughout B.C., including those with middle-incomes, unable to find a home to rent or buy," said Grace Lore, MLA for Victoria-Beacon Hill. "This project is an example of how our government is creating a new inventory of homes through our HousingHub that would otherwise not exist. This means more homes for people living in Victoria and more opportunities for middle-income buyers to own their first home."
Located at 1109 and 1115 Johnson St., Haven will be a six-storey condominium with 104 homes, including a mix of studio, one-bedroom, two-bedroom and three-bedroom units. All units are reserved for families, seniors and individuals with middle incomes. Buyers will receive a no-interest, no monthly payment second mortgage to support their purchase. This second participating mortgage assists the buyer on the equity portion of their purchase, helping reduce the income required to obtain a first mortgage and reducing its monthly payments.
Qualifying buyers must have a combined household income no greater than $118,440 for homes with fewer than two bedrooms and an income no greater than $168,310 for homes with two bedrooms or more. Buyers will be required to make the home their primary residence for the first five years.
These new homes are being built in partnership with Chard Development through BC Housing's HousingHub: Affordable Home Ownership Program (AHOP). The program was created to allow BC Housing to partner with the development community and municipalities throughout the province to create new homeownership opportunities for middle-income households.
"As a long-standing, family-owned developer, we take our role in the fight to improve housing affordability seriously," said Byron Chard, president and CEO, Chard Development. "Haven is our second affordable homeownership offering in partnership with BC Housing and is a reflection of our commitment to creating a diversity of housing in Victoria."
BC Housing will administer the interest- and payment-free second mortgages for all 104 homes. Buyers will not need to repay the mortgages until the 25-year term limit expires or if they sell their home. At the time of repayment, the homeowner must repay the proportionate share of the current market value of the home. For example, if the home was purchased with a 10% AHOP mortgage, the homeowner must repay 10% of the current fair market value at the time of repayment. The value from that investment is then returned to the municipality to re-invest in affordable housing.
"Innovative financing through the BC HousingHub puts more attainable homes within reach for working people in Victoria," said Lisa Helps, mayor, City of Victoria. "Buildings like this give people a start getting into homeownership and frees up space in our very tight local rental market. The city is working alongside the Province to support affordable housing through the city's Housing Reserve Fund and by speeding up the development approvals process for affordable housing."
These new homes are part of a larger development by Chard Development that will bring housing, a day care and commercial space to the Fernwood neighbourhood.
Construction on Haven is already underway and expected to be complete by early 2024. The homes are open for presale. Interested buyers can visit: havenbychard.com
A map showing the location of all announced provincially funded housing projects in B.C. is available online: https://www.bchousing.org/homes-for-BC
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/