Salt Spring Commons is planned as 24 units of compact 3 bedroom units constructed in triplex building around shared common spaces, including shared play areas, garden and food growing areas and forests with walking trails.
The units will be a mix of non-market home ownership and rental.
The land for Salt Spring Commons is provided by Salt Spring Island Community Services (SSICS), thus removing the cost of land from the cost of purchasing a home. A Housing Agreement held by the Islands Trust and administered by SSICS, sets maximum income limits, rental prices and ownership unit prices to ensure units are affordable and remain non-market in perpetuity.
A Strata Corporation composed of all the unit owners will oversee the day-to-day management of the neighbourhood. SSICS will own and manage the rental units and oversee the resale process for the home ownership units.
Salt Spring Commons is aimed at working families with children who are struggling to find long-term, stable family housing. Rental units will be affordable (30% or less of combined annual household income) to families earning between $42-$60K/year.
Home ownership units will be offered for sale at a minimum of 15% below market price. Prospective homeowners will be required to obtain a conventional mortgage through a financial institution.