Small Affordable Housing .....First Project completed in Qualicum Beach
- Sep 15, 2025
- 2 min read
Back in October 2024 we wrote about the first project to be taken in Qualicum Beach after the BC Government sweeping housing review requiring all single family lots to permit 4 dwelling units. Small Scale Multi Unit (SSMU) housing is intended to ease the affordability crisis throughout most of the province.
That 4 plex project is located at 149 First Ave. West in Qualicum Beach and has now been completed and individual units are listed for sale on the MLS with a listing price of $549,900.
These 2 bedroom units are 832 square feet of finished space over 2 levels with a high standard of finishing. The building was built to step code 5 for energy efficiently and was constructed with a metal roof, concrete demising & fire separation between each unit, fire suppression sprinklers -interior, and low maintenance landscaping. The resulting maintenance fees are expected to be around $200 per month.
My back of the envelope math indicates that a first time buyer would need a minimum cash down payment of $30,000 plus sufficient cash to cover any purchase closing fees and/or taxes. The resulting mortgage of $540,706 (includes the required CMHC low down payment insurance) would have a monthly payment of $2827 based on a five year term at 3.94%. Add the $200 maintenance fee, estimated property taxes of $285 = $3312 per month.
Based on usual mortgage lending rules you need a combined annual income of about $102,000 or $49. per hour of full time work to meet the mortgage qualification requirements. That makes this SSMU type of property work for such people as a single income dental hygienist or registered nurse, or a TQB Bylaw Officer with a partner who works at minimum wage, or a TQB Human Resources Coordinator with a partner that works part time. Definitely a viable solution for worker housing in Qualicum Beach and a model we should be encouraging in the village center to attract workers for our town and businesses.
As a bonus, this type of affordable housing actually contributes to our tax base that pays for our roads, water, policing and recreational services. Unlike subsidized affordable housing where no contribution is made toward property taxes and the town outright gifts the land or grants a long term zero return leases. No waiving of development cross charges that end up being paid by other property owners. Subsidized affordable housing is not sustainable as currently structured. Until the Province / BC Housing starts to include the cost of the land and includes property taxes in the operations budgets of these buildings, the town should instead focus on removing barriers for willing developers to build more SSMU housing. For example these plans should be viewed as fully vetted and rubber stamped should the developer choose to build another 4 plex. The town and developer both benefit from this simple efficiency. Time is money for everyone.
Marie Noel
September 15 2025
We welcome your feedback and comments.
You can email us at Qualicumbeachinsights@gmail.com
