Affordable Housing Initiative

CoRDA in our 2004-2005 Business Plan commits to working with regional housing developers, rental managers, service providers and local interest groups to create an affordable housing plan for the Colchester region.

Over the past few years, as indicated in Canada Mortgage and Housing Corporation (CMHC) data, the rental market availability and housing affordability are becoming worse for tenants in the Truro area. In a November 2003 Rental Market Data Report, the average vacancy rate for one bedroom apartments in the Truro area fell from 3.7% in 2002 to 2.9% in 2003. Two bedroom apartments realized a slightly larger drop from 3.7% in 2002 to 2.4% in 2003. Three per cent is commonly used to denote the acceptable minimum rate in order to ensure a competitive rental market.

Rents in the Truro area are also increasing. An average monthly rent for one-bedroom apartments in Truro area increased from $443. in 2002 to $454. in 2003. The average monthly cost for renting a two-bedroom apartment in Truro area rose between 2002 and 2003 from $573. to $579., establishing Truro area as having the highest rent for two-bedroom apartments outside of Halifax Regional Municipality. When questioned about rental requests and availability, local landlords confirm similar situations in their daily operations: in that they receive frequent requests for two-bedroom apartments for which they are unable to fill the demand.
To date, two developers in Colchester Region have been successful in being approved for funding assistance under the tendering program directed by Nova Scotia Housing Development Corporation and Canada Mortgage and Housing Corporation to develop in total 48 affordable housing units.

Currently, Country Lane Home Decorating Ltd, under the ownership and management of Ron Wallace is erecting two 12-unit apartment buildings on the former military base at Debert. Planned to be completed by March 2005, these units will house families and individuals from low to moderate-income families.

Pinto Properties Ltd is preparing to renovate a three-storey building into 24 affordable apartment units. This facility is located on Prince Street, Truro.