Region’s Building Better Futures Momentum Continues: 1,825 New Affordable Homes Reached in Latest Update
Waterloo Region – Momentum continues with the Region’s Building Better Futures plan, with a total of 1,825 new affordable homes now in development or occupied. Of the total units currently in development, 322 are new supportive housing units. This progress moves the Region closer to the overall target of 2,500 new affordable housing units, and a tenfold increase in new affordable housing delivery from 50 to over 500 units per year, reaching 73 per cent of the overall goal in the first two and half years of the plan.
The strength and importance of partnerships particularly of the non-profit sector in their commitment to creating new housing opportunities across Waterloo Region is evident and supported through funding dollars provided by all levels of government. For each $1 the Region has invested, $16.49 was leveraged from other sources.
The rollout of the Waterloo Region Housing Master Plan remains a key component of the initiative. This work continues, but current market conditions and changing funding programs make it challenging to navigate the delivery of new units
“The revitalization of Waterloo Region Housing sites is a top priority with extensive work currently underway or soon to begin which will provide 648 new units,” said Peter Sweeney, Commissioner, Community Services. “The Region’s community partners and non-profits have played a significant role in the delivery of affordable initiatives to date.”
In the June 6, 2023 report to Community and Health Services Committee, staff note that market changes, rising construction costs and interest rates, recent reductions in the Canada Mortgage and Housing Corporation’s (CMHC) funding model, new provincial policy and Bill 23 are all presenting new challenges and posing a risk to the delivery of new units.
Provincial and federal funding remain critical.
“We need to continue to build affordable and supportive housing to support our neighbours,” said Councillor Jim Erb, Chair of the Community and Health Services Committee. “Through the use of public land, community partnerships and much needed federal and provincial funding, we are making real, impactful progress.”
In 2023, the Region has budgeted an investment of $192.5M for Housing and Homelessness. This includes $109.5M for housing and homelessness operating programs as well as direct initiatives to address chronic homelessness. It also includes $83M for affordable related capital projects, Waterloo Region Housing capital renewal, new affordable housing projects initiated and expansion projects within the Waterloo Region Housing Master Plan.
Building Better Futures commits to creating 2,500 new homes over the next five years. For more information on the plan, visit the Region’s Building Better Futures webpage.
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