Edmonton s Housing Story Housing Crunch Roundtable April 28, 2014

Transcription

1 Edmonton s Housing Story Housing Crunch Roundtable April 28, 2014

2 What does Canada s Housing Crunch mean for Edmonton? Economic Growth Population Growth Housing Crunch

3 Economic Growth % real growth City of Edmonton The Region Alberta Canada Edmonton expected to be the fastest growing of Canada s large municipalities Average annual growth rate of 3.1% real growth Source: IMF, Conference Board, City of Edmonton

4 Employment Growth Edmonton Calgary Toronto Montreal Vancouver Ottawa Apr-13 Aug-13 Dec-13 employment index Aug-09 Dec-09 Apr-10 Aug-10 Dec-10 Apr-11 Aug-11 Dec-11 Apr-12 Aug-12 Dec-12 Source: Statistics Canada

5 Population Growth & Diversity Graph Source: CMHC Housing Market Outlook, Edmonton CMA, Fall 2013

6 Housing impacts Pressure on ownership and rental housing markets Growth, but not for all rising inequality in our society Shortage of affordable housing Increasing social housing and homeless needs Homelessness Non-Market Housing Subsidized Housing Emergency Shelters Transitional Housing Supportive Housing Receives direct subsidies so rents can be provided on a geared to income basis 65-80% Below Median Income Affordable Housing Rental or ownership housing generally requiring no ongoing subsidies, though may include rent supplements % Below Median Income Market Housing Market Affordable Rental or ownership housing requiring no subsidies (capital/operating) % of Median Income (moderate income level) Pure Market Housing

7 Rising housing and related costs Housing Affordability Measure: Edmonton Housing and related costs 18% 16.5% 16% percentage increase 14% 12% 10% 8% 6% 4% 2.5% 6.2% 2.4% 3.2% 4.4% 4.9% 9.3% 12.1% 2% 0% Median Res Price Source: RBC Housing Trends & Affordability, February 2012 / Statistics Canada CPI Alberta & CMHC AMR & REALTORS Association of Edmonton CMHC AMR 2-Br All Items CPI Public Transportation Shelter Fresh Vegetables Water, Fuel & Electricity Fresh Fruit Natural Gas

8 Scarcity of rental housing average rent ($) $1,071 $1, vacancy rate (%) Put another way Single parent earning minimum wage ($1,592/month) would spend 72% of their total monthly income on rent alone two-bedroom average rent ($) vacancy rate (%)

9 Expiry of federal operating agreements Over 3,000 social housing units affected in Edmonton These are homes for very lowincome income residents Vulnerable populations at risk include: recent immigrants, lowincome families, fixed income seniors, persons with disabilities Need photos*

10 Rising social housing & homeless needs number of homeless Mar 1999 Nov 2000 Mar 2000 Sept sheltered homeless unsheltered homeless total Source: Homeward Trust

11 Edmonton s Housing Crunch Homelessness Non-Market Housing Subsidized Housing Emergency Shelters Transitional Housing Supportive Housing 3,000 homes affected by expiring federal operating agreements. Vulnerable residents unable to compete in the rental market at risk of becoming homeless. Need for permanent supportive housing for individuals with multiple barriers. Affordable Housing Rental or ownership housing Shortage of affordable housing for low and fixed-income residents. Increasing house prices concurrent with price increases in other essential goods (e.g. utilities, food). Vacancy rates below 1.5%, pushing rental rates ever higher. Market Housing Market Affordable Rental or ownership housing Economic and population growth putting pressure on ownership and rental housing markets. Pure Market Housing

12 A call to action Calling for all orders of government to work together on a long term plan for housing that puts core investments on solid ground, increases predictability, protects Canadians from the planned expiry of social housing agreements and ensures a healthy stock of affordable rental housing for Canadians.

13 FCM Fixing Canada s Housing Crunch FCM Campaign Issues High cost of housing in Canada Scarcity of rental housing Expiring federal operating agreements for social housing Impacts on low income housing and homeless needs