Housing Squamish could take ownership of eight affordable townhomes at the Garibaldi Springs development under a proposal going to District of Squamish Council on Tuesday, July 21.
The plan would see the developer, Polygon, sell eight units in Phase 2 of the project, known as Terrain, directly to the Squamish Community Housing Society at a discounted price of $330,000 per home. In exchange, Polygon is asking that two other units be released from the affordable housing agreement so they can be sold at market value.
The amendment would reduce the total number of affordable units at Garibaldi Springs from 18 to 16, but would place all of them under public or non-profit ownership. Eight would be held by BC Housing and eight by Housing Squamish, with the local society operating the entire portfolio.
The Garibaldi Springs project was originally required to provide 18 affordable rental units across its phases. Eight of those units have been completed and occupied in Phase 1, known as Highline. They were sold to BC Housing and are operated by Housing Squamish.
Under the existing agreement, the remaining 10 units in Phase 2 would stay privately owned by Polygon and be managed under a housing covenant.
To fund the purchase, Housing Squamish is requesting $660,000 from the District’s Affordable Housing Reserve Fund to cover down payments and closing costs. The society plans to use $415,000 this year to close on the first five units, with the remaining $245,000 needed in 2027. Housing Squamish will also contribute $250,000 of its own capital and has secured a letter of interest for financing from Vancity.
District staff have recommended supporting the amendment. Staff said that while it reduces the total unit count, it would help Housing Squamish achieve long-term financial sustainability. They said non-profit ownership allows the society to build equity for future projects and provides more transparency than private ownership governed by covenants alone.
If council rejects the proposal, the requirement will remain at 18 units, and the 10 units in Phase 2 would stay under private ownership. Staff noted there is currently no built-in incentive for private developers to lower rents beyond the minimum required as a building ages.
If the plan moves forward, the first five non-profit-owned townhomes could be completed and occupied as early as this summer.
