Ontario Region Plans To Build 10K Half-Priced Homes By 2030

A new community-led initiative in the Region of Waterloo has revealed plans to build thousands of new homes and put them on the market for half-price.

A collaboration between local non-profits, developers, and community partners, the BUILD NOW: Waterloo Region project aims to construct 10,000 new affordable and attainable homes by 2030. Working with all levels of government, the partnership plans to provide 7,000 properties for purchase, and 3,000 homes for rent. Units will range from one to three bedrooms and will be located in buildings between four and six storeys tall. Each home will be placed on the market for approximately half-price, according to a release.

Each home will go directly to a buyer or renter who needs a place to live — none of them will be available as investment properties. House flipping and other “profit-seeking market activities” will be prevented, too. “The number one cause of the affordability crisis in Canada is the high cost of housing,” said Philip Mills, CEO of“When affordable housing is out of reach for middle- and lower-income families, the entire community is held back. We all have a stake in ensuring that our region can grow sustainably and affordably and, with this ‘all hands on dec’’ partnership we have a plan to do just that.”

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