With close to 80 per cent of Riverstones market rentals vacant, prices at the affordable housing project are falling.
The provincial and federal governments and Bethel Land Corp. built the 84-unit housing development in 2009. With the first tenant having moved in 15 months ago, the project's 30 rent-geared-to-income units are full. But while those apartments were quick to go, 43 of the 54 market-priced rentals are still available to the public.
Officials at Sea to Sky Community Services (SSCS), which manages the units, are trying to overcome a mistaken perception that Riverstones is all social housing, SSCS housing coordinator Dennis Smith said.
Applications are screened and so far the complex has a diverse pool of tenants, Smith said, from single mothers to seniors. There is an active Block Watch group, a free community-use room, free parking and lawns adjacent to each of the five buildings. Some of the units come with modified bathrooms, Smith added.
In an effort to fill the empty units, SSCS has dropped the price on the two-bedroom apartments from $900 to $750 and on the one-bedroom-plus-den units from $875 to $700. The society has also teamed up with Re/Max.
Since the prices were marked down, Re/Max licensed rental property manager Jennifer Angus said her phone has been ringing off the hook. She's had a lot of interest from people looking to escape high rental prices in the Lower Mainland and Whistler.
"[The rental prices] are below average," Angus said.
SSCS is working in partnership with B.C. Housing on the buildings' operating costs. B.C. Housing is holding apartments' mortgages until the units are occupied. In 2009, the organization insured the mortgage on the project for up to $7,835,852.
B.C. Housing is also helping with the reduction of rents and providing assistance for any operating deficits, SSCS executive director Lois Wynne wrote in an email to The Chief.
On Saturday (Feb. 11) from 1 to 4 p.m., there will be an open house at Riverstones. Those with an interest are encouraged to drop by and check out the new apartments, Smith said.
"They still have that new-car smell," he said.
Riverstones is located at 39858 Government Rd.
For more information visit www.remaxseatoskypm.com, Craigslist or call (604) 815-6824.
