Calgary could see a second luxury development incentive

Calgary city council will vote on the second level of incentive program next week after the community development committee approved it Wednesday.

The program is one of 98 proposals listed in Calgary's housing strategy to help increase supply and increase affordability.

If accepted, qualified homeowners can receive up to $10,000 in additional financing to cover costs. They can also receive an additional $5,000 to meet accessibility requirements and another $1,250 to improve energy efficiency.

Number. Courtney Walcott says the hosts need to dot their I's and cross those T's.

“They have to make sure they know all the rules before actually designing a safe suite, then of course the building permits, and finally the inspections,” he said.

If the program is approved, it could be launched at the beginning of the season.

It comes at a time when Calgarians are struggling to make ends meet; Rents have risen by 12 per cent and house prices by 11 per cent since the council approved its housing strategy in September.

“People often ask, 'Well, how am I going to pay the bills?' says. Maybe I need a mortgage assistant or a second suite,” Kuhn said. Terry Wong said.

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Mayor Jyoti Gondek said the city would build at least 400 additional second suites, and the incentive program would be limited to 3,000 suites in the first year.

Number. Dan McLean has a different take on it.

“It looks like we're accelerating growth and building multiplexes in established communities, while maybe going slower and building more affordable homes in outlying communities,” he said.

McLean said the incentive should act as a credit if the spare rooms are rented out.

The program does not fully fund construction and does not apply to backyard suites or appliances such as smoke alarms, separate heating or safety features such as air and egress windows.

Walcott says construction takes time.

“There are a lot of parameters to make sure that whoever lives in that basement suite or the second suite can do it safely,” he said.

There are currently over 1,300 registered sub suites in Calgary.

The next council meeting is Tuesday, May 28.