CLARIFICATION: The Vancouver Resource Society has clarified that rental rates provided for the two South Surrey properties in its news release did not mention that those rates represent only a portion of the entire cost of that housing. Amounts for hospitality and services can vary depending on the needs of the individual. The original monthy rates provided have now been been removed from the story.
Through a partnership with the provincial government, the Vancouver Resource Society, with an eye toward protecting affordable housing options, has purchased four senior-housing facilities – including two in South Surrey.
Announced in a Ministry of Municipal Affairs and Housing news release Friday, the deal includes South Surrey’s Pacific Carlton (15366 17 Ave.) and Sunnyside Manor (15340 17 Ave.), as well as facilities in Kelowna and Nanaimo.
The purchases will preserve 475 residential suites at “affordable rental rates.”
“Seniors should be able to find a home in their community, close to their friends, families and the services they count on,” said Selina Robinson, minister of municipal affairs and housing.
The province will provide financing of approximately $147.5 million to the non-profit society in order to purchase the properties.
The sale to the society keeps individual units from being sold “into the private market, which would have put seniors at risk of losing their homes to redevelopment or having to pay market-level rents,” according to the release.