New rental housing project in Courtenay to help mid-income earners

New rental housing project in Courtenay to help mid-income earners

Partnership providing affordable rentals for those making between $48,000 and $74,000

Construction is expected to start next month on Residences at The Boulevard, which will provide 56 rental homes for people at 621 Crown Isle Blvd. in Courtenay, thanks to a partnership between the provincial government and WestUrban Developments.

The project is being built through BC Housing’s HousingHub, which was created by the Province in 2018. The HousingHub works with community, government, and non-profit and private-sector partners to help create new affordable rental housing and homeownership options for middle-income British Columbians.

The homes will be in a wood-frame, four-storey building, located in the Crown Isle neighbourhood of the city.

“Like many other B.C. communities, housing affordability and availability are serious concerns for Comox Valley residents,” said Courtenay Mayor Bob Wells. “This partnership between the Province and WestUrban Developments is a great example of the collaboration and creativity that will help address the housing shortage in Courtenay, and expand the range of affordable options for middle-income earners. We thank BC Housing for its ongoing efforts in our community.”

The new rental homes are designed to be affordable for households with annual incomes ranging between $48,000 and $74,000, with rental costs at 30 per cent or lower of household income. Monthly rents will range from approximately $1,200 for a studio, to $1,650 for a two-bedroom and $1,850 for a large two-bedroom rental.

“People at every income level should be able to find the affordable housing they need in the communities they love,” said Premier John Horgan. “These new rental units in Courtenay are part of our government’s commitment to build 114,000 affordable homes over 10 years for people all around British Columbia.”

RELATED: Editorial – Affordable housing is no longer affordable

“These new homes will give more people in Courtenay an affordable place to call home and help them stay in their community,” said Courtenay-Comox MLA Ronna-Rae Leonard. “I would like to thank WestUrban Developments for partnering with the Province to help us deliver the type of housing that people need.”

Through the HousingHub, the Province is providing approximately $11 million in low-cost financing to WestUrban Developments, which will reduce the cost of the project and deliver the anticipated rental rates.

“The HousingHub is enabling us to work with a range of partners to increase the supply of homes for middle-income British Columbians,” said Selina Robinson, Minister of Municipal Affairs and Housing. “This is one key part of our broader housing plan, and I’m thrilled about the progress we are seeing with more than 2,600 HousingHub homes completed or underway.”

affordable housingCourtenay