July 14, 2023
With the collaboration of UDI and CHBA, industry has performed a review relevant committee reports to be presented over the coming months. Individually, each of the anticipated reports may be considered to have merit and present a worthy topic of public policy discussion. However, taken together, the cumulative impact of pursuing all the ideas listed below – individually and without prioritization and/or an associated financial impact analysis – could rapidly add costs to Edmonton homebuyers and renters who are already struggling under high inflation, perennially high interest rates, and stagnating household incomes.
We are concerned with the magnitude of potential costs that Council, through one decision at a time, may inadvertently burden Edmontonians with increased housing costs should they proceed without a broader strategy and clear intent. Over the course of upcoming decision- making, a $400,000 home could easily escalate into a $600,0000 home without clear benefits or analysis of trade-offs. Edmonton’s affordability advantage is at risk, and it is ultimately Edmontonians who will be negatively impacted.
IDEA invites you to read the joint letter addressed to Mayor Sohi and members of Edmonton City Council. In the coming weeks our IDEA, UDI, and CHBA endeavours to work with the City of Edmonton to encourage creative solutions that secure housing affordability and position Edmonton as a city that works for Canadians and provides homes for everyone.