The mayor is trying to send a message to Edmontonians: a boom is coming and the city needs homes. Mayor Stephen Mandel thinks the time is right to get serious about affordable housing in our city. The city has launched a pilot project located in a new west-end development where most homes will have a fully developed, rentable secondary suite.
The city is throwing out the option that for less than $500,000, you could become a homebuyer and a landlord. It's a new option the mayor is promoting for first-time homebuyers.
"We really need this in all of our neighbourhoods to create opportunities for housing for people," said Mandel.
Most homes of the homes will have a fully developed, rentable secondary suite. And the owner can leverage that income to help pay for a mortgage, while collecting a $20,000grant from the city.
The homes are being built on surplus school land, which has served as a community park for the past two decades.
"When we first found out that the land was going to be sold, we were a little concerned," said Lezley Zwaal with La Perle Community League.
Zwall wasn't keen on the idea of a high-rise eating up greenspace, but thinks the new homes, which will use just a portion of the land, is an acceptable compromise.
"It's hard for kids to afford places these days, so this makes it affordable for them."
The street will have 19 units. So far, 18 have already been sold.
The mayor hopes to continue selling this concept before the next housing boom.
"We really got to get our game up. There's a boom a coming and I don't think we're prepared again."
The neighbourhood, Edmonton Cornerstones, may soon be expanded to other neighbourhoods.
For more information click here.
With files from Sean Amato
