(Photo: Prince Edward County Affordable Housing Corporation/Facebook)
Prince Edward County council will hear an update from its affordable housing corporation this week and that report will show exactly why affordable housing is very much needed in the county.
At Thursday’s Committee of the Whole meeting, council will hear from the Executive Director of the county’s Affordable Housing Corporation Charles Dowdall.
Early planning is underway on several initiatives, including affordable units at the former Wellington arena, a private/public P3 partnership, tiny home communities and renovations in existing buildings.
It’s hoped that 100 to 150 affordable rental units will be available within the next three years.
Dowdall will show housing statistics which clearly show the need for affordable housing in the county.
House prices have increased 49% in the past year ending in March and the inventory of homes for sale is at an all time low.
Of homes being sold, 65% sold at full list price or above list price.
As of March the average purchase price of a house was $821,000 and the average rent for a two-bedroom apartment was just over $1,600 a month.
The Corporation’s report says some have referred to the real estate scene in Prince Edward County as “disconnected from reality.”
Prince Edward County Council’s Committee of the Whole meets virtually at 1 o’clock Thursday afternoon.
