Housing Squamish and Polygon Homes have developed a creative proposal for Housing Squamish to purchase eight new townhomes from Polygon, at a price of just $330,000 per home. Housing Squamish needs District of Squamish Council support to make this deal possible. The purchase price represents an incredible deal for the community as it is well below even the cost to construct new townhomes.
The eight homes would be owned and operated by Housing Squamish. They each have an affordable housing covenant that protects the rent at 30-60% below market in perpetuity. These 2- and 3-bedroom homes would be prioritized for local working families, including single parents.
To make this happen, we’re asking Council for two forms of support. First, we are requesting $660,000 from the District’s Affordable Housing Fund to help cover the down payments. Second, we are seeking approval to release the below-market covenant on two additional units elsewhere in the development – allowing Polygon to sell those homes at market rate. That release partially offsets Polygon’s deep discount on the 8 units we wish to purchase, making the deal amendable to Polygon. In exchange, the Squamish community gains 8 homes that will be permanently owned and operated by a local nonprofit steward, and helps Housing Squamish build equity we can leverage for future Affordable housing units in Squamish.
Difficult times have called for us to think outside the box. Housing Squamish has successfully accessed $17.5M in federal and provincial funding for our community. But recent provincial budget cuts have hit our work hard. Earlier this year, our application for 100 affordable homes on a District-owned site on Government Road was shelved indefinitely, along with roughly 4,600 other units across the province, when the BC Government cancelled its 2025 Community Housing Fund call for proposals.
We have explored and exhausted all other potential options to finance the purchase of these units, but shifts in government priorities have led to this request to the District being our only avenue to remove these units from private ownership and make them community assets.
As we pivot, we are looking near and far for new ways to deliver housing here. Right now, we have a rare opportunity to purchase eight two- and three-bedroom townhomes from Polygon Homes at $330,000/door – half what it would cost for us to build the same units.
With provincial funding paused and few viable paths left to grow our housing stock, opportunities like this one are increasingly rare. If Council doesn’t act this week, we risk losing the deal and 8 permanently affordable homes under our management.
We are Housing Squamish – a Squamish-based nonprofit affordable housing provider, working to provide attainable homes at below-market rates for people in our community, including workers, seniors, and families. Formed in late 2021, we have grown our stock to just under 50 homes in Squamish, with rents ranging from $900/month for studios to $2,500/month for 3bd duplexes. These homes are prioritized for moderate-income households looking for secure, stable homes so they can stay and thrive in our town.
Want to learn more about us and how you can access our housing? Visit housingsquamish.ca, where you can sign up for our newsletter and join our Housing Interest List.
Sarah Ellis serves as executive director of the Squamish Community Housing Society.
