Canmore, a town in Alberta, Canada, is facing a severe housing crisis. To address this issue, the town council has approved a new incentive policy that offers significant tax breaks to developers who build new long-term rental units.
On Tuesday, town council approved a new incentive policy that makes development companies eligible for grants worth 75 percent of municipal property taxes for 10 years. Canmore 's Town Council approved a new incentive policy on Tuesday aimed at spurring long-term rental construction. Developers can receive grants worth 75 percent of municipal property taxes in exchange for adding purpose-built rentals to the market.
As Canmore residents grapple with a lack of affordable housing, the town will start offering tax breaks to developers that add new units to the community's bleak rental market. To qualify, housing development projects must set aside 95 percent of new units as long-term rentals for Canmore primary residents.'I'm very supportive of this new policy, as it's yet one more step that the Town of Canmore is taking to address its housing crisis,' said Canmore Mayor Sean Krausert. Monthly housing costs in Canmore have ballooned by 65 percent since 2006, compared to a 37 percent increase across Alberta, according to town administration.'Our housing crisis in Canmore is largely due to the high cost of land, which then translates into high cost of housing,' he said. Krausert said no purpose-built rentals have gone up in Canmore in the last three decades without some form of variance or accommodation, like a height allowance, to make the numbers work for developers. The mayor acknowledged the lack of land available for development in Canmore will limit the number of projects built because of the new incentive, but he believes more land could become available in the future. Canmore Mayor Sean Krausert said no purpose-built rentals have been built in the town in more than thirty years without some form of variance or accommodatio
AFFORDABLE HOUSING CANMORE DEVELOPMENT INCENTIVES HOUSING CRISIS LONG-TERM RENTALS
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