Federal government pledges $31.5 million to Kelowna through housing accelerator fund

Housing crisis: ‘Money on table’ for Canadian cities willing to cooperate with feds’ requirements says Fraser

“Over the next three years, expect to see almost 1,000 homes, 950 added to the supply in the city, with up to 20,000 over the next decade. This is over and above the projected numbers that the city was already anticipating that they would see.”The funding is tied to zoning changes that would allow for more mixed and middle housing options to be built.

“The City of Kelowna demonstrated leadership a number of years ago when they increased as of right zoning permissions that allowed lots that were previously zoned for single-family homes to hold up to four families and new developments.” Those who live there will be able to live next to a park, walk to school, and have a nice home, he said.“We need nonprofit players. We need private developers. We need provincial governments, and importantly, we need ambitious leadership at the city level.”That said, housing hasn’t grown as fast as needed in the last year. City data indicates that housing starts in Kelowna dropped by a third over the last year.

Source: Real Estate Daily Report (realestatedailyreport.net)

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