The proponents of an apartment complex proposed at 801 Ryan Rd. in Courtenay intend to offer 10 per cent of the 247 units at affordable rental rates. The applicant, Broadstreet Properties, will dedicate 25 units – 10 two bedrooms and 15 one bedrooms — at a rate below the market rental pool for 10 years, after which the units will revert to private market rates.
Courtenay council approved second reading of the application at the Oct. 4 meeting.
Broadstreet says rental rates at Glenhart Views would be capped at 30 per cent of household income, as per BC Housing’s Housing Income Limits (HILs). Under this formula, a one bedroom would be capped at $987.50 while a two bedroom would rent for $1,225 a month.
“For me, this is a good step forward,” said Coun. Manno Theos, noting that few people can afford $1,400 for an apartment.
A city staff report says advertised market rates at an adjacent apartment building under construction (1025 Ryan Rd.) are $1,350 for a one bedroom and $1,650 for a two bedroom.
On a larger scale, Theos questioned how people can find affordable rentals.
Matt Fitzgerald, manager of development planning, said the key driver of rental rates are vacancy rates, which haven’t improved.
“With very few units on the market, that does lead to pressures to increase rental rates, regardless of development costs,” Fitzgerald said.
Rachel Ricard, Broadstreet’s development manager, suggested that most cities in B.C. are having trouble getting enough units to market quickly enough to keep up with the number of people moving to town.
A revised site plan for Glenhart Views reduces the amount of surface parking and increases the amount of green space. An enlarged central green space includes a dog run and outdoor seating areas. The rear of the property includes a playground and community garden.
A public hearing will be held before council considers third reading.
reporter@comoxvalleyrecord.com
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