The B.C. government is leading a new project on Vancouver Island to make homes more affordable and closer to transit access.
Premier David Eby has stated that the province has bought two pieces of land for the Uptown development in Saanich, just north of Victoria, using the $394-million property acquisition fund operated by the Transportation Ministry.
Eby explains that the goal is to construct numerous new homes, retail and commercial space, as well as potential amenities like childcare, public areas, and a transit hub.
The development plan was announced after the province completed the purchase of two properties for a total of $9.3 million, but the planning is still in its early stages.
Eby points out that the government got involved in the real estate development due to a situation where people who rely on transit in B.C. often cannot afford homes near those options.
He adds that the province will maintain ownership of the land, while housing developed at the sites would be in the form of leaseholds or rentals, though the specific mix of housing has not been decided yet.
“One of the things that we have observed is that the property values next to transit development increase,” says Eby. “And when that land value goes up, the housing that’s ultimately built on that site becomes more expensive.
“By having the government purchase land near transit hubs like this … we can influence development to support people who use transit in living close to the transit they depend on.”
There is no set schedule for the construction or completion of the development.
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