Residents are moving into a newly built six-storey development with 134 homes in Burnaby's Royal Oak neighbourhood.
The homes will be rented at rates "affordable to households with low and moderate incomes," according to a city press release.
The development by Catalyst Community Developments Society was funded through a partnership with the City of Burnaby and the Canada Mortgage and Housing Corp.
In 2023, the former president of Catalyst told the Burnaby NOW that 30 per cent of the homes would be rented at 20 per cent below the median market rent, as calculated by CMHC, and the remaining 70 per cent would be rented at 1.3 times the median market rent.
Rent examples range from $959.75 for a studio to $1,736.50 for a three-bedroom for BMU units, which are rented to those eligible for a "below median income" threshold, according to Catalyst's project webpage.
For units on the lower end of market for working households, the rents could range from $1,560 for a studio to $2,822 for a three-bedroom.
The city says some of the units will be used as interim housing for tenants displaced by development. Through the city's tenant assistance policy, which gives tenants first right of refusal for an apartment in the new building at their old rates, the selected demovicted tenants will live at the Royal Oak development while their new building is under construction.
Funding for the Royal Oak project, along with another Catalyst development at 7392 16th Ave., was announced in March 2023.
The federal government provided more than $113 million for the two developments through the National Housing Co-Investment Fund, and the City of Burnaby pitched in more than $31 million in funding and equity.
Burnaby also provided the land for the project, according to the press release.
Scott Dutchak, president of Catalyst, said his team is excited to welcome residents into the new community.
"At Catalyst, we are dedicated to creating high quality homes that strengthen community and provide stability and security for residents. This partnership with the City of Burnaby and CMHC highlights the impact of collaboration in delivering much needed housing," he said in the release.
Terry Beech, MP for Burnaby North-Seymour, said this project is just the beginning.
"Investing in housing means investing in people, communities and a future where everyone has the opportunity to succeed. This project is a powerful example of what can be achieved when we work together."
For more information on rents and eligibility, see Catalyst's project webpage.
