Canada’s diverse landscapes and rich cultural mix are facing a pressing issue: the growing housing crisis. As the country deals with increasing housing needs and changing population trends, the Town of Olds stands out for its active efforts to address this problem.
A National Perspective:
Across Canada, there’s a compelling need for affordable housing. The Canada Mortgage and Housing Corporation (CMHC) underscores that to achieve housing affordability reminiscent of 2004 levels, an additional 3.5 million housing units are vital by 2030. This “housing supply gap” offers a stark glimpse into the nation’s housing landscape.
The Local Lens – Town of Olds:
Recognizing the broader national challenge, the Town of Olds has commissioned a detailed Housing Needs Assessment (HNA). This proactive initiative coupled with incentives and streamlined development processes is about attracting builders and developers to Olds. Olds is a locational advantage and is ready for investment.
The HNA reveals critical insights:
- Consistent population growth, necessitating an additional 180 rental units for student housing alone by 2025;
- Aging demographic underscores urgent need for senior housing options.;
- Quality of housing is declining requiring repairs or replacement;
- Limited access to more affordable housing options with home prices being relatively high compared to other Alberta municipalities; and
- Single-detached housing dominating in a market demanding 1-2 person housing.
To proactively address these challenges, the HNA outlines pivotal recommendations, ranging from promoting mixed-use development and designing walkable neighborhoods to streamlining development processes.
Download the HNA report here.
Provincial Dynamics:
The housing dynamics vary across provinces. For example, Alberta, home to the Town of Olds, anticipates a surge in housing needs due to projected income growth, immigrating newcomers to Canada, and also interprovincial migrants. Alberta has been attracting more interprovincial migrants than anywhere else in Canada. This provincial context makes the Town of Olds’ initiative even more timely and relevant.
The Power of Local Governance:
The Town of Olds’ HNA provides the data necessary to illustrate demand for potential investors. It also reflects the power of local governance in taking tangible steps, understanding community needs, and crafting tailored solutions. Such local initiatives, grounded in research and community engagement, will be instrumental in shaping Canada’s housing future.
In Conclusion:
As Canada navigates its housing challenges towards 2030, the Town of Olds exemplifies how local governance can lead with vision, data, and commitment. Amidst the broader Canadian housing narrative, Olds’ proactive approach will serve to attract investment and profile Olds as a viable place to call home.
