In a healthy budget, housing costs shouldn’t take up more than 30% of a household’s gross income. A shortage of affordable housing options makes that easier said than done, though – about 60,000 Edmonton house-holds pay more for housing than they can afford.
Edmonton has one of the lowest rental vacancy rates in Canada, and rent costs are 23.1% higher than the national average. When people can’t access housing they can afford, it’s harder to take care of other financial priorities or build savings for emergencies, which puts families at financial risk. Increasing the supply of affordable housing options would help more Albertans achieve financial stability and decrease their risk of being pulled into poverty.
Our next provincial government has a role to play in making affordable housing available. Contact your candidates to ask them how they plan to make that happen.