163-unit affordable housing project falls apart in Port Moody due to funding disruption

163-unit affordable housing project falls apart in Port Moody due to funding disruption

  • Economy
  • Policy
  • Port Moody
  • Redevelopment
November 4, 2020

Bold Properties is collaborating with BC Housing to build more affordable housing in Port Moody.  The project proposed a 163-units condo development and 118-units will be more affordable for middle-class buyer. We noticed plenty of affordable housing construction in Vancouver, Coquitlam, and Burnaby, where housing prices are the highest in Greater Vancouver Area. We definitely need more affordable housing supplies in the nearby cities for those who needs additional help to home ownership.

The City of Port Moody refuted the third reading of zoning bylaw and official community plan amendments means the project will have to go through another public hearing process. The project was rejected once last December, but after announcing its collaboration with BC Housing it was approved in June 2020. The discussion revolved around did the developer do enough in its contribution to help affordability.

Bold property was sent back to the drawing board because BC Housing Affordable Home Ownership Program has been put on hold. It had more urgent housing issues to deal with due to COVID-19. As a result, the planned 10% discount on units did not happen. Tommy He, Principal of Bold Property, is pitching an additional contribution of $300,000 dollars to the affordable housing reserve or implement a rent-to-own program for 15 units (approximately 10% of the total unit count) to compensate the lack of BC housing funding.

However, considering that Bold property’s net contribution to any affordability project amounts to $1,000,000 dollars. The city felt the developer was not doing enough and would like to see more units to be included in the rent-to-own program. The program was popular because it the rent you pay for the first two years are put towards their down payment.

We know that COVID-19 impacted our lives in many ways. 8 months into the pandemic, the financial pressure on our governmental system is starting to take shape. All the tax rebates, deferred payments and other subsidies had to come out of somewhere. The provincial government had to cut program and funding and increase future taxes to keep the system running. Let’s hope the pandemic comes to and end soon. If you are looking for affordable properties to purchase in Port Moody, you should reach out to Harmse & McCann. They have been helping homebuyers get their dream home in many multi-bid situations!

Yoyoe Lu

Founder and managing principal

Yoyoe is the founder and managing principal of Claridge. She was ranked one of Vancouver’s top real estate agents. Currently, Yoyoe is our strategic mind leading the team to success. Her affiliation with industry professionals put her ahead of our competitors. Yoyoe is also part of the Rotary Club of West Vancouver, Canadian Homebuilders Association, Urban Land Institute and Urban Development Institute.

Ashley Osborn

Development Site and Investment Specialist

Ashely is our lead land and investment advisor. He has been consistently featured in the annual top 100 real estate deals of British Columbia ranking. With over $15 billion worth of domestic and international real estate investments under his belt, Ashley is one of the top agents in the province. His 20 years of real estate and financial experience make him a master in negotiation and acquisition.

Patricia Wong Chong

Investment and Leasing Specialist

Patricia is our investment and retail leasing advisor. Her experience in brokerage and market research analysis has helped her comprise over $550 million in commercial real estate transactions. Patricia is responsible, detail-oriented, and professional. Her strong work ethic and positive attitude have led her to surpass all her competitors.

Schumann Li

Land Assembly & Residential Specialist

Schumann is a top-producing realtor in the Lower Mainland with more than 30 years’ experience. Over the years, Schumann hasn’t just garnered awards, but the trust of countless customers. Her clients continually refer to her outstanding professionalism, work ethic and poise.

Wendy Kaip

Sales Associate

Whether it’s decoding city policies, strategizing relocation plans, home sellers looking for a trustworthy advisor to unlock their property’s maximum potential- Wendy is here to help every step along the way.

Prior to real estate, Wendy spent over a decade in the mining industry with her attention to detail, keen negotiation skills, extensive network and strong reputation for getting the deal done, bringing endless value to her current real estate clients.

Whether you are thinking about selling to a developer, or have more questions about commercial real estate, Wendy invites you to connect, to see how she can utilize her expertise and team to help create value and maximize your real estate goals.

Simon Chan

Managing Broker

Simon is the managing broker of Claridge Real Estate Advisors Inc. His expertise has helped our agents resolve many difficulties. Not only is Simon knowledgeable with real estate legislation, but he is also very detail orientated. With Simon on our team, our agents are confident to conduct businesses and will always get the support they need to ensure they’re not walking on dirty water.

Frank Zhou


As the analyst of the company, my key job is to help brokers to find marketable clients and locate feasible development sites by collecting and analyzing up-to-date market transaction data and conducting target market and property-level research. Meanwhile, I am also in charge of maintaining the company’s property database to ensure accuracy and comprehensiveness and continuously upgrading the level of knowledge by staying up to date with hot topics, and market trends, and incorporating findings into everyday work. Before joining the company, I worked for CR Group as a real estate investment manager, focusing on capital raising, equity and debt financing, acquisition and renovation. I hold 2 master’s degrees, one in Housing Management and the other in Economics.