Westview, one of the newest targeted apartment complexes opened by the Capital Regional District Housing Corporation, came in $700,000 under budget. That money can now be used for another project, possibly in Greater Victoria. (Derk Ford/crd.bc.ca)

Westview, one of the newest targeted apartment complexes opened by the Capital Regional District Housing Corporation, came in $700,000 under budget. That money can now be used for another project, possibly in Greater Victoria. (Derk Ford/crd.bc.ca)

Cost savings on CRD housing project in Saanich could be passed on to tenants

Affordable housing project on Carey Road came in $700,000 under budget

Construction cost savings for the Westview housing development on Carey Road could potentially be passed on to tenants in the long term, members of the Capital Regional District hospitals and housing committee heard Wednesday (Sept. 2).

BC Housing, which holds two of the Capital Region Housing Corporation’s (CRHC) mortgages on the Saanich project, reduced the $7.16-million forgivable second mortgage by $700,000, the amount by which the 73-unit rental project came in under budget.

“It’s a very good news story,” said Lisa Helps, Victoria mayor and committee chair.

RELATED STORY: New Saanich development provides options for people struggling to find housing

While the savings do not come directly back to CRHC for reinvestment into future projects, CRD chief administrative officer Robert Lapham said, answering a question from committee member and Colwood Mayor Rob Martin, the building’s tenants will likely benefit.

“We bring the rent profile down on the project, and we’ve got a lesser mortgage, [so] it ultimately impacts the rents we need to charge to recover the loan amount on this building,” Lapham explained.

The committee heard that the same approach would be undertaken on future CRHC projects.


 

Do you have a story tip? Email:don.descoteau@blackpress.ca. Follow us on Instagram.  
Like us on Facebook and follow us on Twitter.

BC HousingCRDseniors housing

Just Posted

Two volunteers work to sieve a sample of sand and ocean water through a filter, capturing any potential microplastics. (Courtesy of Ocean Diagnostics)
Victoria startup making waves in microplastics research

New products from Ocean Diagnostics will make research faster, more affordable

Willows Beach in Oak Bay. (Black Press Media file photo)
Seven days of sun set to shine on Greater Victoria

Special weather statement warns of higher than usual temperatures

Chef Trevor Randle leads a June 21 online cooking featuring recipes – beef zesty lettuce wraps, blueberry strudel and blueberry spritzer. (Courtesy We Heart Local BC)
Free online cooking course explores B.C. blueberries and beef

Chef Trevor Randle calls them the province’s most flavourful foods

Shaelyn Sinnott of Oak Bay Volunteer Services delivers groceries for client Irene Kenny. The organization has kept up delivery of food and medication throughout all phases of the COVID-19 pandemic. (Courtesy Oak Bay Volunteer Services)
Oak Bay volunteers keep critical services running

Duo drove between Oak Bay and Jubilee three days a week, twice a day during pandemic

Al Kohut, owner of the new photographers GALLERY, checks out Looking Back by David Bradt. The photo printed on canvas is among 50 images featured in the Birds on the Wild Side exhibition showing until July 3. (Wolf Depner/News Staff)
Photo gallery in Sidney plucks out top bird photos

Birds on the Wild Side show running at the new photographers GALLERY until July 3

Jesse Roper tackles weeds in his garden to kick off the 2021 season of What’s In My Garden Man? (YouTube/Whats In My Garden)
VIDEO: Metchosin singer-songwriter Jesse Roper invites gardeners into his plot

What’s In My Garden, Man? kicks off with the poop on compost

FILE – Most lanes remain closed at the Peace Arch border crossing into the U.S. from Canada, where the shared border has been closed for nonessential travel in an effort to prevent the spread of the coronavirus, Thursday, May 7, 2020, in Blaine, Wash. The restrictions at the border took effect March 21, while allowing trade and other travel deemed essential to continue. (AP Photo/Elaine Thompson)
Feds to issue update on border measures for fully vaccinated Canadians, permanent residents

Border with U.S. to remain closed to most until at least July 21

A portion of the George Road wildfire burns near Lytton, B.C. in this Friday, June 18, 2021 handout photo. THE CANADIAN PRESS/HO, BC Wildfire Service *MANDATORY CREDIT*
Blaze near Lytton spread across steep terrain, says BC Wildfire Service

Fire began Wednesday and is suspected to be human-caused, but remains under investigation

Blair Lebsack, owner of RGE RD restaurant, poses for a portrait in the dining room, in Edmonton, Friday, June 18, 2021. Canadian restaurants are having to find ways to deal with the rising cost of food. THE CANADIAN PRESS/Jason Franson
Canadian restaurateurs grapple with rising food costs, menu prices expected to rise

Restaurants are a low margin industry, so there’s not a lot of room to work in additional costs

RCMP crest. (Black Press Media files)
Fort St. John man arrested after allegedly inviting sexual touching from children

Two children reported the incident to a trusted adult right away

A Lotto 6/49 ticket purchased in Parksville for the June 19, 2021 draw is a $3M winner. (Submitted photo)
Winning Lotto 6/49 ticket worth $3M purchased on Vancouver Island

Lottery prize winners have 52 weeks to claim jackpot

Barbara Violo, pharmacist and owner of The Junction Chemist Pharmacy, draws up a dose behind vials of both Pfizer-BioNTech and Oxford-AstraZeneca COVID-19 vaccines on the counter, in Toronto, Friday, June 18, 2021. An independent vaccine tracker website founded by a University of Saskatchewan student says just over 20 per cent of eligible Canadians — those 12 years old and above — are now fully vaccinated. THE CANADIAN PRESS/Nathan Denette
At least 20% of eligible Canadians fully vaccinated, 75% with one dose: data

Earlier projections for reopening at this milestone didn’t include Delta variant

This undated file photo provided by Ernie Carswell & Partners shows the home featured in the opening and closing scenes of The Brady Bunch in Los Angeles. Do you know the occupation of Mike Brady, the father in this show about a blended family? (Anthony Barcelo/Ernie Carswell & Partners via AP, File)
QUIZ: A celebration of dad on Father’s Day

How much do you know about famous fathers?

Most Read