I’ve been calling on the Province for over a year to take bold action on our overheated housing market and address the impacts of unregulated, speculative global capital on local real estate. The year-over-year price gains we’ve seen are not sustainable and put our City’s economy at risk. Today’s legislation is a major acknowledgement by the Province that they have an important role to play in the housing market and affordability is not simply an issue for municipalities to deal with.
Mayor Gregor Robertson and Council have approved a new social housing project in Oakridge that will bring 46 new affordable rental homes targeted toward seniors to the neighbourhood. The social housing, approved at public hearing last night, will be owned by the Oakridge Lutheran Church and Catalyst Community Development Society. The building replaces the existing one-storey church and delivers 15 studio, 15 one-bedroom and 16 two-bedroom homes.