Middle-income homebuyers will soon have access to nine affordable homes being built in partnership with Abstract Developments through BC Housing’s affordable home ownership program.
Part of a larger condominium project being built at 1301 Hillside Ave. at Cook Street in Victoria, is said to be an experiment in affordability that assists middle-income residents who are looking to own their first home, but haven’t yet been able to afford it.
The six-storey building will have 49 units including studio, one-bedroom, junior two-bedroom and two-bedroom units. Nine of those will be reserved for families, seniors and individuals with middle incomes. The remaining 40 units will be sold at market value.
“This development is close to shopping, transit and other services and sits perfectly between six of Victoria’s most diverse neighbourhood villages and centres, so you are just minutes from amazing experiences and everyday essentials,” said Mayor Lisa Helps in a press release. “Affordability was a major factor in our council supporting this project.”
Buyers must have a combined household income no greater than $116,330 for the units with fewer than two bedrooms, and no greater than $163,220 for the two-bedroom suites.
The province is looking to solve the housing crisis through projects such as this by creating more home ownership opportunities for residents with varying household incomes.
To learn more about how B.C. plans to solve the housing crisis, visit workingforyou.gov.bc.ca.
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