Calgary’s Housing Affordability Crisis Raises Concerns
The Calgary Chamber of Commerce has highlighted the urgent need to address the city’s housing affordability crisis, as highlighted in their recent report, “Home Economics: Unlocking Growth through Housing Solutions.” The report reveals a surge in housing demand, fueled by Calgary’s record population growth last year, with 96,000 new residents. However, the supply of housing is only marginally increasing, leading to low vacancy rates in the rental market. The chamber emphasized that unit construction needs to double to address the widening gap between demand and supply.
The escalating housing costs have become a significant concern for Calgary businesses, as they struggle to attract and retain employees. Ruhee Ismail-Teja, the chamber’s representative, pointed out that affordability has been a key advantage for Calgary businesses, but the current situation is eroding that advantage.
The report urges all levels of government to collaborate and implement effective measures to address the crisis. These measures include increasing the construction of affordable housing, boosting the construction workforce, and streamlining regulatory processes. The chamber has also been actively engaging with government officials, presenting ideas and advocating for solutions to the labor shortages and housing affordability issues.
Recognizing the importance of alignment between economic and social policies, Ismail-Teja emphasized that “a well-performing economy relies on the well-being of its people.” Therefore, addressing housing affordability is crucial for both the economic growth and social well-being of Calgary.
The federal government has committed funding to fast-track the construction of 6,800 housing units in Calgary over the next three years. Additionally, the City of Calgary has approved a housing affordability strategy that includes rezoning initiatives, secondary suite incentives, and the provision of city-owned land for non-profit affordable housing providers. Progress has been made in implementing the strategy, with several recommendations completed. The chamber continues to advocate for further collaboration, resource allocation, and attention to effectively resolve Calgary’s housing affordability crisis.
