The B.C. government will need support from community groups, the private sector and other levels of government if it is to deliver on a promise to create nearly 3,000 low-cost rentals, research shows.
The new provincial plan, announced in late November, said B.C. will commit $500 million to deliver 2,900 units of “affordable” rental housing.
That spending works out to approximately $172,000 per apartment, far below the cost of constructing recent units of social housing.
The average cost per suite of the last four assisted rental projects in B.C. was $314,637, based on a Western Investor study.
These projects include the Centrepoint complex in Squamish, where it cost $393,750 to deliver 32 units of low-cost rentals, and the M’akola Housing Society project in Langford, where 36 rental units cost an average of $325,000 each.
Both of these projects had broad financial support from the community and the federal and provincial governments.
A spokeswoman for BC Housing said the provincial money is meant “specifically for construction and renovation costs. Depending on the project, other partners may also provide funding.”
