Image: Google Maps / The B.C. government announced Wednesday (Oct. 11) that it has purchased a three-storey, 40-unit apartment building in Hope, The Ryder, so that families and individuals can remain in their rental homes and the property won't be absorbed into the private housing market.

By Mike Vanden Bosch

BC govt. buys Hope property

B.C. govt. buys property in Hope to preserve affordable housing

Oct 11, 2023 | 8:33 AM

HOPE — The B.C. government announced Wednesday (Oct. 11) that it has purchased a 40-unit, three-storey complex in Hope so that families and individuals can remain in their rental homes without being absorbed into the private market.

In a news release from the provincial government, the B.C. government says it has purchased The Ryder apartment building at 1270 Ryder Street.

“The current cost-of-living crisis is making it harder for people to find affordable housing options, and people living in Hope are not exempt from the struggle,” said Ravi Kahlon, Minister of Housing. “By making this investment we’re ensuring there are affordable housing options for all British Columbians now and in the future.”

The province, through B.C. Housing, provided an $8.7-million Shovel-Ready Housing grant to the Fraser-East Affordable Housing Society for their purchase and ownership of The Ryder.

“The district welcomes the proactive approach by the Province and BC Housing to further provide affordable housing for our residents,” said District of Hope mayor Victor Smith. “We will continue to work with the Province to address the shortage of such affordable housing options in Hope.”

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Built in 2019, the three-storey building has 40 homes, ranging from studios to three-bedroom units.

“The partnership between the Province, through BC Housing and Fraser-East, will allow for a continuum of housing to be maintained in Hope, and we are pleased that these units will remain as affordable housing stock,” said Susan Johnston, board chair, Fraser-East Affordable Housing Society.

The purchase is part of a $19-billion housing investment by the B.C. government. Since 2017, the province says nearly 77,000 homes have been delivered or are underway, including more than 170 in Hope.

An independent appraisal of the site was completed in March 2023 and supports the purchase price. The property was assessed at $8.55 million. The difference between the appraised value and the $8.7-million grant includes taxes and closing costs.

by Mike Vanden Bosch

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B.C. govt. buys property in Hope to preserve affordable housing

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