On Monday, Waterloo city council approved a new affordable housing strategy that includes a plan to allow for 16,000 new homes to be built by 2031.
“This strategy provides the city additional concrete steps it can take to work with the development community, non-profits and other orders of government to ensure more affordable and attainable housing is built,” Mayor Dorothy McCabe stated.
“Local governments alone cannot make meaningful progress. The federal and provincial governments must continue to work with us.”
Under Bill 23, the More Homes Built Faster Act, the Ontario government required some municipalities to submit these types of pledges so that the province could track progress on building new housing.
The city says the new affordable housing strategy will also allow it to move ahead with dozens of options to allow for the construction of more middle housing such as changing parking requirements near ION train stations as well as provide additional support to both landlords and tenants.
Waterloo says it will also examine its own land stock and purchase options as it looks for more options to create affordable and low-rent housing in the area.
The city says the new plan was developed through extensive research as well as after having discussions with those in the community and the development and housing world.