$90 million being spent to build 2,010 rental units in Greater Victoria
Funding from 3 levels of government will provide mix of shelter, non-market and market rentals
A number of new rental developments will be built in Greater Victoria in the coming years after a $90 million government investment.
Federal, provincial and Capital Regional District politicians made the announcement of 2,010 rental units on Thursday, one of the first announcements to come out of the federal government's National Housing Strategy.
Approximately 20 per cent of the units will be priced at shelter rates (currently $375/month), with 30 per cent at subsidized prices and the rest at market rental.
"Today is about working toward ending chronic homelessness in Greater Victoria," said Jean-Yves Duclos, the minister of families, children and social development.
"Today is also about all levels of government stepping up, recognizing their joint levels of responsibility and doing their part."
The money for the developments are split evenly between the federal, provincial and regional governments, with the exact locations to be decided at a later date.
Duclos calls this the “least secret announcement” in the city, “but we are still proud to make it.”—@lizziepetra
It comes a month after the provincial government announced how it would spend $1.9 billion over the next decade to build rental housing, using a similar formula of market rental homes to subsidized and sheltered units.
In 2017, the Canada Mortgage and Housing Corporation said Greater Victoria's vacancy rate was 0.7 per cent, the third lowest in the country.