It’s understood that Canada is in the midst of a housing crisis. But what tangible steps can be taken to bridge the gap between households at or below median incomes and market rates that continue to soar? Beyond the many factors involved in Canada’s housing crisis is a fundamental barrier. There is a financial gap between households at or below area median income, who desire to purchase/rent new or rehabilitated housing units, and the actual cost for the market to deliver products for purchase/rent at a point achieving minimum return on investment.
While there is no singular solution to this problem, there are financial incentive tools available to municipalities to allow them to innovate. Community Improvement Plans (CIPs) are being used by a small number of Ontario municipalities to provide financing incentives for housing construction. Tax Increment Financing (TIF) is another available tool which, if operationalized, could be a powerful addition to the municipal toolkit.
Join planners and professionals from across the province and beyond as they share their experiences with innovative approaches to increasing housing through municipal policy and financial incentives.
James Tischler, Development Director, Michigan State Land Bank and Visiting Fellow, Centre for Cities, Windsor Law
Jason Reynar, Advisor, Customer & Corporate Services, Town of Collingwood