British Columbia’s government takes the lead on a new public development initiative on Vancouver Island, aiming to improve transit accessibility and offer more affordable housing options in Saanich, B.C.
Land Acquisition and Development Plan
Premier David Eby announced that the province has purchased two parcels of land for the Uptown development in Saanich, B.C., utilizing the $394-million property acquisition fund managed by the Transportation Ministry.
The plan involves constructing “hundreds” of new homes, along with retail and commercial facilities, on the site. Potential amenities such as child care, public spaces, and a transit hub are also under consideration.
The development initiative follows the recent acquisition of two properties for a combined cost of $9.3 million, with planning still in its early stages.
Government’s Active Role in Real Estate Development
Eby emphasized the government’s active involvement in real estate development, citing a “paradox” where transit users in B.C. are often priced out of homes near transit options. The province intends to retain ownership of the land, with housing developments at the sites structured as leaseholds or rentals.
Eby further highlighted that transit-oriented development can increase property values, leading to higher housing costs. However, by proactively purchasing land near transit hubs, the government aims to shape development to benefit transit-dependent individuals.
Conclusion: Addressing Housing Affordability and Transit Accessibility
Although the government has not disclosed a specific timeline for construction or completion, the initiative marks a proactive step toward addressing housing affordability and enhancing transit accessibility in the region.
Written by Jared Gibbons – Top 1% Realtor in the Fraser Valley.