The measure is in use in some other provinces and would mean developers will be required to provide a percentage of affordable homes in any new project.
The finance minister Joe Ceci told the Edmonton Chamber of Commerce that the idea is being considered. However, the city’s mayor Don Iveson isn’t sure it will solve the affordability issue.
“That should really be a last resort, because the one challenge with that is it actually increases prices for new homeowners,” he told Metro News
. Iveson added that affordability of housing is a government responsibility and that passing the buck to developers is an abdication of that.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
Investment Hot Spots:
Nilestown, Stockholm, St. Bernard, Eastern Passage, Smith-Ennismore
The governing NDP in Alberta are considering whether to allow inclusionary zoning in the province to boost affordability but at least one official is not convinced it will work.