REAL’ ESTate

Developers compete for
rental supply program

SOCIAL SERVICES and
Housing Minister Claude
Richmend said recently that
response by developers to
the new B.C. Rental Supply
Program has been excellent.

The program is aimed at
expanding rental housing
opportunities in low vacancy
areas in British Columbia.

Eariier this summer, the
British Columbia Housing
Management Commission
(BCHMC) called for pro-
Pposals on an initial 2,000
units, By the closing dat: of
July 21 the Commission had
received proposals for more
than 3,000 units: this
number wili provide a range
of options from which to
select 2,000 units for devel-
cpment,

A second proposal call,
for an additional 2,000
units, will be issued in
November, 1989,

The B.C. Rental Suppiy

Program encourages invest-
ment in new rental develop-
ment by reducing interest
costs for projects that meet
provincial objectives. A ceil-
ing restriction for interest
assistance hes not been es-
tablished; projects will be
selected through a com-
petitive process geared to
obtain the best value for
subsidy dollars.

‘i was confident that we
would generate strong inter-
est from the development
industry,’”’ said the minister,
“but the response certainly
exceeds my expectations.
Tough competition among,
developers means that we
shouid get excellent value for
the subsidy dollars provided
by the government.” .

“As anticipated, devel-
oper interest is highest iin the
Greater Vancouver area,”’
noted the minister. ‘But,
there are other communities
throughout the province

which qualify for the pra-
gram because they have
vacancy rates of less tian
two rer cent and I am heart-
ened by the excellent
response from developers in
these areas.””

Staff at the BCHMC will
now begin the task of
teviewing proposals and
selecting the most suitable.
projects.

“Because our aim is to in-
crease rental opportunities,
proposals that make a com-
mitment to maintain rental
status over the long-term wiil
have an advantage in the
selection process,’ Rich-
mond explained.

Design and location are
other important consiera-
tions, as the resulting »ro-
jects should enhance sad
complement the com-
munities they serve. Prefex-
ence will also be given to
iamily housing projects.

Montreal Trust buys Western Realty

From pege 48
plan to open a North Van-
couver location by the spring
of 1990,"

Montreal Trust operates a
total of 77 real estate offices
nationally. The company has
a significant presence
throughout the Greater
Vancouver arza_ including
Victoria and the Saanich

Peninsula.

Montreal Trust’s West.

Vancouver real estate office
will be amalgamated with
the existing Western Realty
office at the Kapilano 100
complex in West Vancouver
by early October.

Montreal Trust is a diver-
sified marketer of financial
and trust services to individ-

uals, businesses and other
types of organizations. This
year Montreal Trust has $43
billion under administration
and operates a network of
more than 177 branches and
Offices.

BCE Inc. became majority
shareholder of the company
on April 24, 1989,

secuuty

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