The Calgary government is planning to provide sustained support for the most critical housing needs amid the current pandemic.
As reported by CBC, a city document has shown that low- and moderate-income will be the focus of the $104-million annual tranche to be set aside by the government.
Among the documents foremost proposals is that of a “rent bank” able to provide two months of rental funding to low-income tenants. This is to ensure that they won’t enter into default and get evicted.
The document has estimated that roughly 33% (or around 18,500) of Calgary’s lower-income renters will default as a result of the coronavirus crisis.
Further funding will also be allocated to other housing providers for the duration of COVID-19’s ravages.
This policy might serve as a valuable buffer until the provincial housing sector becomes sufficiently stable to regain lost ground.
A recent Altus Group market analysis has found that economic strength and more vibrant immigration numbers next year will be the shot in the arm that the Alberta market needs.
“As the economic recovery sets in with stronger growth this year and next, rising in‐migration and sustained job growth will boost consumer confidence and help to increase new home construction, more so in 2021.”