A groundbreaking ceremony was held Friday for a new affordable housing project in Port Moody expected to supply 328 homes for seniors, Indigenous peoples and working families by late 2026.
The Creek, located at 296 Angela Dr., is part of the first phase of Edgar Development’s massive 23-acre Portwood project in the Seaview neighborhood. It will contain three six-storey apartment buildings, with a unit mix of more than 75 percent two-bedroom units.
“Many people in Port Moody are struggling to find places to live that fairly match their budget and meet their needs, and we have to find ways to build these homes as soon as possible,” said Port Moody-Coquitlam MLA Rick Glumac. “That’s why it’s great to see that below-market homes were prioritized and are being built in the early phase of this development.”
The housing project is being touted as a partnership between the public and private housing spheres, which includes a combined federal and provincial investment of more than $201 million.
Edgar Development gifted the land valued at $28.5 million to BC Housing as part of its rezoning process with the city.
Previously, the project was being funded through $140 million in construction financing through BC Housing’s HousingHub program, but the funding structure appears to have changed with a federal investment.
According to the Government of Canada press release on Friday, the federal government is now putting $16.4 million into the project, along with a $122.8 million fully repayable loan through the Affordable Housing Fund (AHF).
Another $19.9 million is in joint federal-provincial funding through a bilateral agreement under the National Housing Strategy, while BC Housing is contributing $12.9 million in grants. The City of Port Moody is also offering a $560,000 reduction in developer cost charges.
“Everyone deserves a safe place to call home, and through the National Housing Strategy, we are committed to making that a reality for all Canadians,” said Fleetwood-Port Kells MP Ken Hardie, speaking on behalf of the Minister of Housing, Infrastructure and Communities. “This is why the federal government is glad to support the creation of these 328 new units.”
Portwood is Port Moody’s first master-planned development since 2004, and the build out is scheduled to take place over 15 to 20 years.
Amenities will include two new parks in the area, childcare, spaces, retail stores, and walking and bike paths for the surrounding community.
M’akola Housing Society and the Entre Nous Femmes Housing Society will operate the rental building through a joint partnership, under a 60-year lease for a nominal fee from BC Housing.
The non-profits will select residents through applications under the BC Housing Registry, while previous residents of the area will also have the option to find a place in the development when it’s complete.
Port Moody Coun. Amy Lubik said there was “trepidation” in the community when the land went up for sale, because housing in the area was considered affordable due to its age.
“We were afraid of losing that,” Lubik said. “Not only has this project replaced that number of affordable housing, but it has increased the designated affordable units in our entire community by almost 50 percent, which is amazing.”
Sixty-six of the units will be fully accessible and another 166 units will be adaptable. All rental rates will be determined closer to the opening of the building, according to the federal government.
The AHF is part of Canada’s $82-billion National Housing Strategy. As of the end of 2023, the federal government committed nearly $43 billion to support the construction of 135,000 units, and the repair of another 270,000 units.
Funds from the AHF are contributed though low-interest or forgivable loans to partner organizations, giving priority to projects aiming to house vulnerable populations
“We know that high costs of housing are currently taking a toll on many people in Port Moody and throughout B.C., and these homes will provide relief,” said B.C. Minister of Housing Ravi Kahlon.
Patrick Penner, Local Journalism Initiative Reporter, Tri-Cities Dispatch