With housing prices soaring Sky High across Canada, many municipalities are starting to worry about affordability. After all, housing is a basic human need – typically known to most of us as shelter. And with the average rent in cities like Vancouver and Toronto reaching as high as $3,000 per month, many people are starting to worry about being able to afford even the most meager of lifestyles. All the while, the dream of owning their own home is gradually becoming more and more distant.
Thankfully, many municipalities are standing up to the challenge by working hard to help make housing more affordable for their residents. One of these municipalities, in particular, happens to be Richmond, BC.
In December of the past year, a complex of 21 affordable homes has been pitched for development in Richmond City Center area. If the proposal goes through – this complex is set to be developed at 7811 Alderbridge Way next to the defunct Morgan Furniture site.
The proposed development would bring about a total of 7 one-bedroom units, rent capped just below $1,000 per month. Alongside nine two-bedroom units at just over $1,200 and five three-bedroom homes capped at just under $1,500 per month. Which, when compared to similar-sized rent options in the area, provides for a much needed financial respite for Richmond’s eligible residents.
As part of the agreement with the residential development, prospective tenants won’t be limited by age and will be able to access all of the available amenities planned for the complex. En masse this residential development is set to feature 368 total units, with the 21 of them falling under the affordable housing agreement. Which will make up just under 5% of the total square footage proposed for the project.
And while nothing is set in stone just yet, this agreement will be dealt with and finalized on January 8th, 2020, during the first Council planning meeting of the year.