Construction is underway at a new development at 3181 Sherman Road in North Cowichan following a governmental funding announcement. The new development, which is the first co-op housing development in the Mid-Island will bring 92 homes to North Cowichan.
“We are thrilled to be developing the first-ever Mid-Island non-profit housing co-op, in partnership with the Municipality of North Cowichan and the federal and provincial governments,
” says Thom Armstrong, Community Land Trust CEO. ” It takes an unwavering commitment from all three levels of government and the community housing sector to deliver safe, secure, permanently affordable homes for people of all incomes, no matter where in BC they live. We hope these 92 affordable homes will be the first of many more co-op developments here and all over British Columbia.”
“This co-op housing project will make a significant difference for individuals and families in North Cowichan by providing much-needed safe, secure, and affordable townhouse and apartment homes close to existing amenities, including schools, parks, and recreational facilities,” says Rob Douglas Mayor, Municipality of North Cowichan. “We are fortunate to welcome co-op housing to North Cowichan, as it has a proven track record across Canada of fostering mixed-income, inclusive communities where neighbours collaborate on governance, upkeep, and shared values — creating supportive environments that strengthen well-being and long-term housing security.”
The federal government, along with the province of British Columbia and the Municipality of North Cowichan announced over $65 million in combined funding to build 92 affordable co-op housing units in North Cowichan. The project is expected to be completed in early 2028 and will be owned and operated by the Community Land Trust. This joint funding partnership will make permanently affordable homes available at below and low-end-of market rates.
Funding Breakdown
- $44.7 million from the federal government, through the National Housing Strategy’s Affordable Housing Fund
- $16.6 million from the Province of BC, through BC Housing — approximately $10.4 million from the Building BC: Community Housing Fund, and a Cost Pressures Grant of approximately $6.2 million. The Province is also providing approximately $1.6 million in annual operating subsidy.
- Approximately $3.6 million from the Municipality of North Cowichan, including $3.2 million in land equity and $447,000 in waived municipal fees.
“Our Government is committed to helping municipalities like North Cowichan build more affordable housing,” says Stephanie McLean, Secretary of State (Seniors) and Member of Parliament for Esquimalt – Saanich – Sooke . “By working with all levels of government, projects like these 92 new co-op homes on Sherman Road are providing safe, stable, housing options for Canadians.”
Full announcement available here via Canada Mortgage and Housing Corporation.