New Complex Offers Student Only Housing
A complex specifically designed for students is now open across from Vancouver Island University.
It features 25 units and can house 37 students offering furnished one and two bedroom suites all of which have a kitchenette and three piece bathroom. The complex is described as not being a 'party house' and is geared towards students who are serious about their academic pursuits.
Single rooms here are listed at $825 per month. No size is given. A parking stall runs another $100 per month. How many of our island or mainland students can afford there rooms?
ReplyDeletePosted by Janet Irvine:
ReplyDeleteIn the last year or so, I seem to recall that more than one property in Nanaimo received the zoning required for “multi-unit student housing”. Here’s some info from the website of Canada Mortgage and Housing Corporation:
“Government of Canada Helps Expand Financing for Student Housing”, January 20, 2010 — “The Government of Canada will help finance loans of up to 85 per cent of the lending value for the construction, purchase or refinancing of housing purposely built for students on or off campus through CMHC’s Mortgage Loan Insurance for multi-unit student housing. This initiative supports the housing needs of Canadian publicly funded educational institutions, including universities and colleges.”
At the outset, when considering a market for their units, wouldn’t developers of these projects have been relying on VIU’s international student market?
When granting zoning to a developer for a large project on Third Street, (I believe it was), I recall hearing at least one councillor say that, apparently, international students could not find suitable housing in Nanaimo.
Governments, (at all levels), can have good intentions when providing incentives such as the above. However, it would be interesting to know how much follow-up is actually conducted as to outcome of an incentive through Canada Mortgage and Housing (aka the taxpayers).
Posted by Janet Irvine:
ReplyDeleteIn “Development helps fill student housing need”, Nanaimo News Bulletin, August 28, 2012, the land-use consultant representing developer Manjit Bal of Great West Developments Ltd., is quoted as saying, “It’s not only dedicated to students, it’s covenanted so it can only be for students.”
How would this covenant be enforced?