CORNWALL, Ontario – In a presentation to Cornwall City Council, Colliers International told the city that they needed to greatly expand their stock of affordable housing in the next few years and tied that expansion directly to the overall growth of the municipality.
“The most direct connection between affordable housing and job creation is through the employment opportunities generated by construction and home repair,” reads a statement from Colliers in their presentation. “There is strong evidence that quality affordable housing also generates improved social and outcomes for low-and-moderate-income households.”
The presentation was a part of a 10-month Housing Revitalization study undertaken by the Cornwall and Area Housing Corporation.
Currently, the Cornwall and Area Housing Corporation operates 1,713 affordable and low income housing units across Cornwall and SD&G. Of those 1,713 units, 1,232 are located in the City of Cornwall.
During his presentation to Cornwall Council, Surya Pulickal of Colliers recommended that in the next 10 years, the Cornwall and Area Housing Corporation add 741 units to its stock.
Pulickal noted that the highest demand for low income housing was for seniors, single non-seniors, and single parents with one child.
To achieve their recommendations, Colliers states that the Cornwall and Area Housing Corporation would have to spend $182,371,070 in the next five years, and $92,618,712 in the five years following that.
Cornwall currently is in a hot housing market, with the average home price increasing by 34.3 per cent in August of 2020 compared to the previous year.
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Councillor Carilyne Hébert welcomed the presentation and outlined that affordable housing was a real need in the city that once addressed, could help drive economic growth.
“It is ambitious, but it shows a need. A need we are all aware of,” she said. “We have a lot of jobs available and we are lacking the folks to fill those positions.”
