It is no secret Squamish is short of housing options that won’t break the bank.
Promoters of ParkHouse Residential Development, a condo complex slated for downtown Squamish, say they may have the answer, at least for 65 house-hungry Squamish residents.
The $20 million complex of one- to three-bedroom condos will be move-in ready in about 12 months, with units starting at $167,900, according to Kiran Rai of Platinum Project Marketing.
The least expensive unit will be 500 square feet.
The complex is slated to be built behind another townhouse development currently under construction, Solterra’s The Falls on Bailey Street.
“It is a quiet spot, still downtown,” Rai said at the ParkHouse presentation centre last Thursday.
About 150 people came to the grand opening at the centre on Saturday, Sept. 19, according to Joe Taylor, sales manager with Platinum.
What is unique about this development compared to others on the market is the financing options, the marketers say. People can buy in with five per cent down, and that can be paid in monthly installments over a year.
All the fine print is not yet available, including the other unit prices and a date the units will go on sale, but that information will be rolled out during the next few weeks, Rai said.
Bailey Street, the road leading to the development, is not currently fully paved, but Rai said she believed it would be paved during construction.
The local developer, Mario Gomes, lives in the district and understands the housing pressures in Squamish, Rai said, and so the units reflect the local demographic, she said.
“As far as the design goes, we definitely took into account that there would be a young family living in a space like this,” said Rai of the two-bedroom-and-den unit on display at the presentation centre. “Mario has a family as well so I think they understand what families need.”
Amber Gould of the Squamish Tenancy Association said the units are affordable for some in the low to middle-income range, thanks to the five per cent minimum downpayment over a long-term amortization schedule.
“However, these units could also be bought as investment properties by those with the financial capability of paying full prices or full down payments, and then, in turn, be rented out at unaffordable market rent prices. And thus the cycle of the Squamish rental housing crisis continues,” she said.
**Please note a change has been made to this story since it was first posted to reflect that the company now feels the complex will be move-in ready in 12 months.
