Councillor Ron Cannan wants the city to rebalance its housing development efforts with a focus on supporting first-time home buyers.
He made his comments as council approved amendments to the city鈥檚 revitalization tax exemption bylaw at its May 26 meeting.
In part, the program offers tax exemptions to developers who build projects within designated areas and provides eligible purpose-built rental housing projects relief from a share of municipal property taxes.
Cannan said this program, and other government incentives, have spurred rental projects.
鈥淲e鈥檝e really primed the pump鈥攖he pump has been flowing, and we鈥檝e made significant progress in supporting purpose-built rentals,鈥� he said.
Cannan also urged council to carefully consider where taxpayer financial support is being directed, and whether it is truly benefiting those who need it the most.
鈥淚 find it difficult to support ongoing public consent that mainly benefits large-scale developers without delivering meaningful results and returns to the broader community,鈥� he added.
Cannan highlighted a need to refocus on home ownership.
鈥淵oung families want to stay here, UBCO grads want to get married, raise families, and contribute to our community, but they simply can鈥檛 afford it,鈥� he pointed out.
Although he remains supportive of co-op and non-profit housing organizations, Cannan said it's crucial to explore other housing options.
鈥淚鈥檇 like to see us rebalance our efforts to explore meaningful ways to support first-time home buyers,鈥� he said.
Coun. Loyal Wooldridge welcomed the inclusion of non-profit and co-op housing.
鈥淲e are starting to see rents lower鈥o it is showing that these policies are working, and it is locking in those rental units long-term, which has been neglected for decades.鈥�
Cannan suggested attainable options such as townhomes, duplexes, and modest single-family homes could help address the growing affordability issue.
鈥淲hich we need to get back to, rather than the 3,000 and 4,000 square-foot homes鈥攚e could have 1,000 sq. ft. starter homes.鈥�
He also referenced comments by Prime Minister Mark Carney, who has placed affordable housing at the top of the national agenda.
鈥淎s we, at the local level, align our policies more closely with federal funding opportunities, the partnerships will benefit our residents directly,鈥� Cannan noted.
Cannan suggested that council work with staff to develop options that would shift the city's housing focus toward ownership.
鈥淢ore than anything, it鈥檚 about restoring the sense of possibility and belonging to those who feel shut out of our city鈥檚 future,鈥� he said.
Cannan opposed the tax exemption amendments and indicated he may bring forward a notice of motion at the council's next meeting, outlining a clear direction for supporting homeownership assistance.
