Over a hundred struggling middle-class families will find respite in the project
Earlier this week, the federal government and local authorities announced a major investment of more than $26 million on the 14-storey Arts District, which is scheduled to begin construction soon in Winnipeg.
The project will primarily cater to the needs of struggling middle-class families in the city, officials said.
“This investment is wonderful news for the Winnipeg middle-income families that will move into these new affordable rental housing units. It will contribute to build a foundation for their social and economic success as well as help create new jobs and stimulate our local economy,” according to Robert-Falcon Ouellette, Member of Parliament for Winnipeg Centre.
The building is slated to provide safe and affordable rental housing for more than a hundred families, with approximately 10% of the units designed to be barrier-free.
Read more: Condos reaching saturation point in Winnipeg
In its 2019 Housing Market Outlook, RE/MAX warned that affordability will remain a leading concern in housing markets across Canada this year, as interest rates will continue exerting upward pressure upon prices.
The average housing price nationwide is likely to increase by a relatively modest 1.7%, but the outsized prices have done the damage: Sharply declining from 48% in 2017, only 36% of Canadians said in 2018 that they are considering a home purchase within the next half-decade.
