Tenants are moving into the Crossing at Belmont, a 156-unit Langford rental development created as part of the Belmont masterplan community. (Marcos Riano Photography)

Rent-to-own project welcomes first tenants in Langford

Crossing at Belmont is part of a rent-to-own program subsidized by the City of Langford

Tenants are now moving into the West Shore development offering one of Vancouver Island’s first-ever rent-to-own programs.

Langford’s Crossing at Belmont (955 Reunion Ave.) welcomed its first tenants Wednesday, with residents moving into the collection of 156 rental homes, all within a 24-acre master-planned community featuring condominiums, townhomes and rental apartments, as well as 160,000-square-feet of retail and commercial shops in Belmont Market.

RELATED: New rent-to-own units attracting attention in Langford

“With tenants moving in, the Belmont community is really taking shape,” says a statement from Dave Craig, president of Devon Properties. “We are well on our way to reaching capacity and are seeing new retail units added every week, further making this the spot to live in the West Shore.”

Through MyBelmont’s rental rewards program, qualified tenants have the opportunity to use a portion of their rent – up to 25 per cent – to offset the cost of purchasing a Belmont Residences’ condo in the future. Earlier this year, the City of Langford supported and partially funded the initiative, offering a $5,000 subsidy to developer Ledcor for each rent-to-own deal made with residents.

RELATED: Subsidies for 156-unit apartment in Belmont Residences with rent-to-own credit options meets Langford council approval

“Langford will try to find a way to work with the people that are developing out here as we have always done and transition them into attainable and affordable housing,” Langford mayor Stew Young told Black Press Media in April.

Belmont Residences West and East are the next projects coming in the masterplan, to be completed in spring 2020 and spring 2022.



nina.grossman@blackpress.ca

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