Introducing The Aster: A New Affordable Housing Option in Vancouver

Vancouver residents seeking affordable rental homes have a new option with the opening of The Aster in east Vancouver. Developed through a partnership between BC Housing, the Brightside Community Homes Foundation, and Wall Financial Corporation, The Aster offers 82 rental homes for families, seniors, and people living with disabilities.

Located at 349 E. 6th Ave., The Aster is a 12-storey building with a variety of studio, one-, two-, and three-bedroom homes. These homes will be owned and operated by Brightside, offering residents access to a range of shared amenities including an outdoor common area and rooftop urban agriculture space.

One of the key goals of The Aster is to provide affordable housing for seniors in the community. Seniors living in these new apartments will benefit from affordable rents at the same rate they had in the same neighborhood, ensuring they can continue to enjoy the community they know and love. The Aster is a prime example of multiple partners coming together to introduce affordable housing options that benefit families, seniors, and people living with disabilities.

The development of The Aster also includes the replacement of Brightside’s existing 36-unit seniors housing building at 325 E. 6th Ave., which lacked accessibility features. The old building will be sold to Wall Financial Corporation for redevelopment into a mix of market and social housing.

Of the 82 units at The Aster, 42 will have rent geared to income, with rent set at 30% of the tenant’s income. Additionally, 19 units are designated for individuals with very low incomes, such as those on income or disability assistance or receiving a basic seniors’ pension. The remaining 21 units are set at low-end market rates, providing a range of affordable options for residents.

The project received $14.6 million in funding from BC Housing, with additional annual operating funding of approximately $575,000. Wall Financial Corporation provided the land for the development and oversaw construction.

Brightside Community Homes Foundation CEO Willaim Azeroff expressed his pride in opening The Aster, noting that it is the first of many affordable rental homes that Brightside is set to open in the coming years. The provincial funding for The Aster has allowed the project to maximize affordability for residents.

The Aster represents a significant step forward in providing much-needed affordable housing options in Vancouver. With a focus on serving a diverse range of residents, including seniors and individuals with low incomes, The Aster is poised to become a valuable addition to the community.

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