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NEWS CAN MUNICIPALITIES SOLVE THE LACK OF RENTAL OPPORTUNITIES? BRYAN MYERS bmyers@metroland.com It's more expensive than ever to fe in Halton. From rentals to ownership, prices have a increased over the last de- cade, and this has created chal- lenges for individuals and fami- lies. In a three-part series on the state of housing, we take a closer look at how we got here and what sky-high prices mean for local res- idents. Here is part two, examining the cost of renting in Halton. Next week, see part three pr the sue gles to fii ind affordab: using prices. increase across the country — dimini ing the possibility of home own- ership for many —the prospect of renting affordably is also being threatened. According to the Toronto Re- gion Real Estate Board (TRREB), in the fourth quarter of 2020, Hal- ton Region has a rental vacancy rate of ot A per cent, a rate driving rental prices skyward. Inthe last qt quarter of the year, the average lease price of a m apartment in Halton was 453. For plyshia t ee who rents a two-bedroo} ent with her husband and wo our ing chil- dren for $2,100, the pressure is mounting. When Poirier found out she was expecting her second child, she and her husband decided a larger rental was a necessity. "We were living a a one-bed- room apartment — making do with our caughien" Poirier said. “We're only in two bedrooms now — and with two children, their belongings add up very ick! But with the high cost of rent- ing and higher costs of home ownership, Poirier said her fam: ly had no plans to purchase home or move to a larger rental Were basically living pay- Poirier husband earning $22 per hour, she said, there is little left to save. Though alack of supply seems to be driving rent prices up, de- velopers are making efforts to de- liver new stock. it purpose-built rental as a housing choice, and 'P] G ‘Association, said. tae the problem." While 1,477 purpose-built rent- al units have been created in Hal- ton Region over the past 15 years, demand is outpacing supply. What's been hindering supply, Chong said, is financial viability. "If yo i cially, then you can build it," he By the end of 2021, another 588 units are expected in the region with 105 in Milton, the Miltonian by Valery Homes, and 483 in Oak- ville, The Village at Bronte Har- bour by Crombie REIT and Prince Developments. For Kat Pearce, who rents a $1,200-a-month apartment from her landlord downstairs, there are fow other rental options. "I see what else is available in Milton — there's nothing for $1,200," Pearce said. Pearce, a chef, works full time Average Rent and Median Income in Halton Region Average Lease Rate Halton Hills Median Household Income $106,349 Burlington Median Household $93,588 Milton Hedien Household $1 04,730 Oakville Median Household Income $113,666 Toronto Region Median Household $65 829 Income Source: Lease rates based on Q4 Toronto Region Real Estate Board data for 2020. Median incomes based on StatCan census 2016. One Bed Two Bed Three Bed $1,950 $1,850 avagkse One Bed Two Bed Three Bed $1,914 $2,470 $2,746 One Bed Two Bed Three Bed $1,858 $2,152 $2,325 One Bed Two Bed Three Bed $1,961 $2,546 $2,915 One Bed Two Bed Three Bed $1,845 $2,453 $3,174 Metroland graphic “We're basically living paycheque to paycheque.” - Alyshia Poirier and makes more than minimum apartment building, it stillstaysa wage but has been priced out of _ rental," Chong said. "That's the even the rental market. beauty — it's permanent, renting "Tl be 30 this fel out ahomeisa bit more p: i the owner my to get groceries, "Pemen a universi- ty graduate, said. "I feel very lucky to have the place I have." One of the benefits of purpose- built rental units, units specifi- cally designed fort then rental mar- ket, a oddly, pel ‘Even when you Mella a whole may want to take it back or sell it.” On top of the eee Chong said professional mé ent allows issues to be: resolved faster and more reliably. "We've got people trying t build in Oakville — it's not easy. It takes a long time, and there are lots of conditions," Chong said. Though the cost of construc- tion is on the rise, Chong said 7 Zz there were steps municipalities ¢ 3 could take to attract rental devel- 2 opers, including discounts on de- £ velopment charges, property tax relief and a fast-tracki "Development is typically 8 done by the private market," Ni- cole Pal, economic development and special projects co-ordina- tor for the Town of Halton Hills, LL | SIN UoeH- dl UL | LL 2 ‘ez Aine a When a project is identified asa priority, our staffcan make a decision to expedite that review." Of course, the responsibility falls on the applicant to complete environmental cleanup and sub- mit the appropriate documents for approval. For developers in the GTA, in- cluding across Halton Region, the escalating cost of land isa fac- tor hindering affordable develop- ment — especially for the rental market. "It's quite tough for a develop- er to build affordable rentals," said. "If you're building a con- dominium, the profit is right e ways municipalities can help encourage developers to build affordable housing is through incentives, but even then, provincial and federal in- centives may also be required to entice builders. "The Town is working towards a program to provide incentive: to see are affordable housing,” “the market alone is not get- ting th Eig lite Relvem Ce) med ed = | Come & cool off at our 2-Acre Polar Splash Pad! Visit www.marineland.ca