Canada’s Economic Plan Accelerates Affordable Housing Growth in Victoria

Image source, F. Muhammad

Victoria, British Columbia – In a step towards addressing the growing demand for affordable housing, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, visited Hudson House in Victoria on March 11, 2024. The purpose of her visit was to showcase how Canada’s economic plan is successfully creating more rental homes at an accelerated pace.

Hudson House, located at 1700 Blanshard Street, has become the latest addition to Victoria’s housing landscape, offering residences to 245 families. Facilitated by a $100 million investment from the federal government’s Apartment Construction Loan Program, this development is part of the broader Hudson District, comprising over 950 new homes spread across six buildings.

This milestone marks a crucial achievement in the federal government’s commitment to providing housing solutions for diverse demographics, including families, young Canadians, and individuals with disabilities. Notably, Hudson House includes 39 accessible homes and will maintain affordability by renting 227 units at or below 30 per cent of the median local household income until at least 2040.

Beyond its commitment to affordability, Hudson House stands out as a sustainable, mixed-use building designed to reduce greenhouse gas emissions by nearly 20 percent compared to typical structures of its kind. Featuring over 8,300 square feet of commercial space, the development is poised to invigorate local businesses and foster economic growth in the neighborhood. Hudson House aims to create an environment where residents can live, work, play, and access essential goods and services seamlessly.

In addition to Hudson House, the federal government’s economic plan has catalyzed the construction of 60 new homes at 840 Fort Street and 47 new homes at 220 Cook Street. These developments, backed by $13.25 million and $21.14 million from the Apartment Construction Loan Program, respectively, further underscore the commitment to expanding affordable housing options in Victoria.

The overarching goal of Canada’s economic plan is to expedite the construction of more homes across the nation. Through collaborative efforts with all levels of government, the federal government aims to make housing more affordable for Canadians not only in Victoria but in every corner of the country.

Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, expressed enthusiasm about the progress, stating, “Our economic plan is building 245 new homes at Hudson House in the heart of British Columbia’s capital. We are building more rental homes in Victoria—and all across the country—to unlock pathways to the middle class and build a brighter future for every Canadian, including the next generation.”

With tangible outcomes like Hudson House, Canada’s commitment to fostering accessible and sustainable housing solutions serves as a beacon of hope for those seeking affordable and quality homes, setting a positive trajectory for the future.