A new condo building under development in Victoria is being earmarked for "middle income" earners, according to the province.
The six-storey building, called Haven, will include 104 units ranging from studio to three-bedroom condos.
The units are now for sale, with the province saying units are intended for families, seniors or individuals with middle incomes.
Prospective buyers must have a household income less than $118,440 for studio or one-bedroom units, or an income less than $168,310 for two or three-bedroom units. Buyers must also use the unit as their primary residence for the first five years.
"The housing crisis has left people throughout B.C., including those with middle-incomes, unable to find a home to rent or buy," said Grace Lore, MLA for Victoria-Beacon Hill, in a release Wednesday.
"This project is an example of how our government is creating a new inventory of homes through our HousingHub that would otherwise not exist," she said.
BC Housing is offering a no-interest, no monthly payment second mortgage to prospective buyers as part of the development.
"This second participating mortgage assists the buyer on the equity portion of their purchase, helping reduce the income required to obtain a first mortgage and reducing its monthly payments," said BC Housing in a statement.
The second mortgage will not need to be repaid until its 25-year term limit expires, or if the owner decides to sell their home.
Haven is being built in partnership with Chard Development and BC Housing’s HousingHub: Affordable Home Ownership Program (AHOP). Further details on how the AHOP program works can be found on the BC Housing website.
The Haven building, located at 1109 and 1115 Johnson St., is expected to open in 2024. The development, which is already under construction, will also include a day care and commercial space.
