High property prices, a scarcity of housing and aggressive bidding wars continue to make it difficult for those seeking an affordably-priced home. Whether you’re buying or renting, Canadians across the country are struggling to find proper accommodation that is adequate, suitable and affordable.
A number of initiatives have been set forth at both a provincial and federal level to make housing more accessible. Our next addy at 405 Main St. W. in Hamilton joins a groundswell of affordable housing developments in Ontario and the country as a whole. We’ll take a look at what is being done in Canada to address this growing problem and how the latest addy looks to make a meaningful social impact.
Canada’s affordable housing crisis
In Canada, affordable housing is generally understood to be a place of residence that does not exceed 30% of the household’s income in price, though some provinces and cities expand on the definition.
Getting in under that affordable threshold is increasingly difficult for Canadians as prices for home sales and rentals continue to rise. According to Stats Canada, in 2018, 165,400 people were on the affordable housing waitlist, including 118,000 for a period of two years or longer. In October 2020 amid the ongoing pandemic, the Hamilton affordable housing waitlist was estimated to be around 5,000 individuals with another 1,200 people awaiting transfer. The wait is said to be anywhere from three to five years.
Rapid Housing Initiative
In January, the federal government announced the Rapid Housing Initiative (RHI) will create 10,000 affordable housing units as part of the ambitious National Housing Strategy (NHS). The RHI will see affordable housing developments built around the country as part of an expedited process to quickly house those on the lengthy waiting list.
Last summer, the program committed $132 million to Toronto in order to build at least 233 new affordable housing units within a year.
Affordable Housing Task Force
In Ontario, the Affordable Housing Task Force recently announced an extensive proposal that says the province should aim to build 1.5 million homes in the next ten years to address the problem.
Should the plan be approved, more buildings like those at 405 Main St. W. in Hamilton are likely to pop up. The plan also looks to rezone areas and speed up the development process in order to get these buildings built and occupied as soon as possible.
Affordable housing in Hamilton
A string of affordable housing developments are underway in Hamilton, with $26.7 million for three projects that will create over 100 new units that will house Black Canadians, transgender and nonbinary persons as well as homeless individuals.
addy at 405 Main St. W. in Hamilton
addy believes in real estate for everyone and wants to offer not just a positive financial impact to members, but a positive social impact as well.
The addy at 405 Main St. W. looks to be one of the first of many developments that boasts a primarily societal benefit. The building will feature 96 units, all of which are 100% below market housing. That means 96 households will be taken off the waitlist and put into much needed housing. It is a small but meaningful impact to tackle a pervasive social issue.
The property looks to provide housing for immigrants, single mothers and students in a mix of bachelor, one-bedroom and two-bedroom apartments with a mix of affordable and deeply affordable/subsidized units. As approximately one-fifth of the units will be accessible, the development also looks to home seniors with disabilities.
How to invest
Only members can invest in addy properties, so sign up today. The process is quick and simple and you can use our Instant Funds feature to start investing as little as $1 to do your part. This unique opportunity in Hamilton offers a societal and potentially financial return on your important investment, so don’t miss the chance to take part.