Forty new rental units aimed at the "missing middle" in Squamish are being built in the North Yards.
The three-storey building at 39666 Government Rd. will serve families with annual incomes between $54,000 and $92,000.
Rents will be $1,350 per month for a studio; $1,800 for a one-bedroom and $2,300 for a two-bedroom, according to Sean Roy, CEO of WestUrban Developments who spoke at a press conference on the site of the future development held Friday morning.
The new homes are the first initiative of the provincial government's HousingHub, which works to partner with other levels of government and organizations.
In the Squamish case, the province partnered with WestUrban Developments.
The HousingHub is a division of BC Housing and was set up in 2018.
"The people of Squamish know all too well the impact of the housing crisis.... Years of inaction have left far too many people unable to find affordable homes to rent or to buy," said Minister of Municipal Affairs and Housing Selina Robinson. "Even people with good incomes — those known as the missing middle — are feeling the weight of this housing crisis."
Mayor Karen Elliott spoke about the need for such rentals in Squamish.
"We may be a small community compared to our Lower Mainland neighbours, but we are still faced with many of the big city problems and challenges," she said. "Our housing prices have skyrocketed in the last five years. Our rental vacancy... has been close to zero since 2015 and we know that 36 per cent of our rental houses in the district are spending more than 30 per cent of their before-tax income on rent and utilities and that is not sustainable for our community or those families."
The new homes will be complete in the spring of 2020.
Video of announcement by Minister of Municipal Affairs and Housing Selina Robinson.
