This year has been another year full of frustration, if not outright despair, for housing in Waterloo Region. But at the all-councils meeting on December 15, Build Now Waterloo Region offered some hope.
Build Now Waterloo Region is a new local collaboration of for-profit and not-for profit groups which was announced back in July. The objective of the coalition is to build 10,000 non-market and perpetually non-profit homes by 2030.
Philip Mills, the chief executive officer of Habitat for Humanity Waterloo Region, one of the central players in this initiative, updated the all-council’s meeting on this ground-breaking project.
Of these 10,000 homes, 7,000 will be available for purchase and 3,000 will be available for rent. A one bedroom home is set to sell for $280,000, a two bedroom for $330,000 and a three bedroom for $400,000. This project will specifically prevent ‘flipping,’ investment property acquisition, or other profit-seeking schemes.