Affordable Housing – Path Forward for Developers
Affordable Housing has been a hot topic for years, however, no appreciable headway has been seen in developing a long-term solution for Canada. It has been years since the demise of the last successful government program that fed Affordable Housing development in a significant way.
What is the solution? Who are we waiting for?
We believe there are three essentials for tackling the Affordable Housing crisis:
Shelter is a basic human need and Supply versus Demand is the basis for our Canadian crisis. On the Supply-side there is just not enough affordable product available to meet the criteria of the Demand (in terms of household income and housing requirements). History has shown us solutions, such as the post-war period in Toronto. Check out the documentary film, Shelter, which chronicles the apartment boom spearheaded by a group of resilient Jewish immigrants with a vision.
Increasing the Supply is the obvious goal, and the path forward is going to require new bold steps driven by the private development sector!
GOOD GOVERNMENT POLICY
There are various Federal, Provincial, and Municipal programs that can be stacked on top of one another to make a project viable. It is a start but more needs to be done. We understand the current programs and know how they can work together for your projects.
PRIVATE SECTOR CAPITAL
Most Affordable Housing in Canada has been built by the private sector and we believe the current environment (ESG – Environmental, Social, Governance) is going to result in more capital being available for the development and acquisition of Affordable Housing. We believe this to be a tremendous opportunity for developers and we are here to help guide them. This is the next great opportunity for private developers!
EDUCATION FOR DEVELOPERS
We continue to host ongoing webinars and education sessions, bringing together industry experts to support private developers who are looking to capitalize on this emerging GROWTH segment. You can expect to learn key components such as:
- Why Developers Should Consider Pivoting in 2021
- Where and What to Build
- Government Grants and Financing for Affordable Housing
- Working With Municipalities and Stakeholders
- Developing a Business Plan to Build Affordable Housing
For those that cannot wait for the timing of our next Affordable Housing event/webinar, you can access our special offer to our current educational program.
Look for the release of our upcoming book A Step-by-step Guide to Affordable Housing in Canada—a Roadmap for Developers. We are proud to be continuing our education and content for assisting developers in this segment!
We offer feasibility studies and analysis for Affordable Housing projects. Research continues to be one of the primary strengths of our company. We provide the analysis behind the details in order to provide direction and enhancements to a project plan. We have the tools, resources, and experience to help developers, just as we’ve been doing for years in other market segments.
Policy x Private Funding = More Affordable Housing
The opportunity is now. Announcements have already been made outlining $billions to support CMHC’s current housing goals (”More Affordable Rental Housing Coming to Canada”, Canadian Apartment www.REMInetwork.com, April 2021). Other factors, such as COVID-19, have impacted developers causing them to pivot to multi-family construction ─ Affordable Housing needs to be on their radar too.
We assist Affordable Housing developers with our suite of Full-Service capabilities.