EDITOR'S NOTE: A previous version of this story mentioned 2,000 homes in the Build Now pledge will be coming to Cambridge. That number was provided by regional councillor Pam Wolf and was not an official number released by Habitat for Humanity. The organization says an announcement on where, when and how many homes will be built in Cambridge is expected at a later date.
In a step to help families get into home ownership, Habitat for Humanity has pledged to build 10,000 attainable homes in Waterloo region over the next seven years.
Over the past few years, the prospect of owning a home in Ontario has become a dream that's out of reach for many. More families and individuals are being pushed into renting or unprecedented interest rates on a newly purchased home.
At an event at Cambridge City Hall today, Waterloo Region officially launched the Build Now project aimed at making home ownership more attainable for future generations.
“The number one cause of the affordability crisis in Canada is the high cost of housing,” said Philip Mills, CEO of Habitat for Humanity Waterloo Region, “When affordable housing is out of reach, for middle and lower-income families, the entire community is held back."
This partnership utilizes the experience and insight of regional not-for-profits, charitable organizations, home builders, construction association members, the business community, and academic institutions to plan and build housing that will be placed on the market for approximately half-price.
These homes will require a smaller down payment, mortgage and interest rate, completely changing the landscape for eligible buyers.
This will give the power back to middle income earners who have been historically able to buy homes, but absolutely cannot not, according to Mills.
The project will rely on Habitat for Humanity's expertise in screening and placing families in attainable housing. Every one of these homes will go to a buyer or renter who needs a place to live and none of them will be available as investment properties.
"We have a long history in making sure that these homes will be community assets and owner occupied," added Mills. "From the buying process to the purchase of sale we will make sure they go to families who need homes."
Speaking alongside local mayors and officials, Region of Waterloo chair Karen Redman underlined the need to make housing affordable so the community can continue attracting top talent and maintain a high quality of life.
“Our growing community needs more people in nursing, farming, hospitality, child care and the skilled trades,” said Redman. “In order to attract and retain talent, we first need to make it more affordable to live here."
While the model being used for the project might be new for 2023, it is essentially a modern version of Canada’s wartime housing program which delivered a combination of affordable rental and home ownership options in the midst of a national housing crisis.
Jeff MacIntyre, president of Grand Valley Construction Association, said it's also a model that can be replicated in any other community in Canada that is prepared to work together in the long-term common interest the way our community is.
Former Cambridge city councillor and current regional councillor Pam Wolf has been a long-time advocate for affordable housing and is fully supporting this new initiative to move families out of rental units and into ownership.
"This is a step in the right direction to free up rental space for lower income families, but we can't put all our eggs in one basket," Wolf said.
She reiterated that these 10,000 homes are attainable housing, not affordable or supportive units.
While this will help residents who in the past may have afforded homes, the need for affordable housing and shelters are at an all time high.
"This is a great initiative to take, but we can't let it close our eyes to the bigger picture," Wolf added.
Despite there not being an official announcement from Habitat for Humanity, Wolf said they are looking at constructing 2,000 homes in Cambridge as a part of this project.
The region along with its partners are still looking for spaces to construct the homes and applications and eligibility requirements will be released at a later date.
For more information, visit Build Now's website.
