Waterloo Council well behind on its housing pledge as it weighs two new projects
Posted Sep 4, 2024 05:52:47 PM.
Last Updated Sep 4, 2024 05:52:52 PM.
Two new housing projects are set to be brought to Waterloo City Council next week, expected to bring 269 new units into the community.
The projects include a 25-storey high-rise as well as 9 townhouses, with both projects currently expected to be built within 3 city blocks of each other in Central Waterloo. Both projects are being brought forward by separate developers.
The high-rise, consisting of 260 one-bedroom units, is currently set to be constructed on the corner of University Avenue West and Regina Street North. The 9 townhouses, consisting of two and three-bedroom units, is expected to be constructed on the corner of Hickory Street West and Spruce Street.
Even if the plans get approved, solidifying the construction of the 269 housing units, it would still put the City of Waterloo well behind on its current housing pledge.
Originally, City Hall committed to building 16,000 new homes by the year 2031, in order to attempt to combat the ongoing housing crisis and its impact on the community.
The pledge was originally made in 2021, outlining the 10-year plan, beginning in January of 2022.
As of now, the city is currently on pace to build less than half of the expect number by the deadline, estimated to build approximately 7,680 homes in that time, equating to 48 per cent of its pledge.
City council will officially meet on September 9, with the plans for the two projects being brought forward for approval. City planners have urged the city to approve the projects, but add that some adjustments will be needed for the current planning rules in order to make the plans work.
