What are the factors contributing to the rise in the need for affordable housing in Manitoba?
One of the main factors driving the demand for affordable housing in Manitoba is the increasing rate of inflation.
The increasing rate of inflation is not only a concern for homeowners in Winnipeg, but also for renters. As the cost of living in the city continues to rise, so too do rental costs, making it more difficult for individuals and families to afford a place to live. This can lead to an increase in demand for affordable rental options and a decrease in the supply of such units.
Another factor contributing to the need for affordable housing is newcomers to the province—whether migrating from other provinces or other countries.
As more people move to Manitoba for work, education, or to be with family, the demand for housing in its cities grows. This can lead to higher rental costs and competition for available units, making it more difficult for newcomers and existing residents alike to find affordable housing options.
A lack of access to credit or financial assistance is another notable factor that contributes to the need for affordable housing.
Combined with the lack of available employment opportunities in certain sectors, these factors can impact individuals who put great significance on the need for affordable rentals.
The last factor we’d like to discuss regarding the need for affordable housing in Winnipeg is one that does an amazing job at incentivizing builders to construct new buildings, but doesn’t address the need for affordable housing—and that is rent control.
In Manitoba, the Residential Tenancies Branch sets rent increase percentages for all buildings 20 years or older, but does not impose rent increase limits on buildings under 20 years old. This means that, while there may be lots of new apartment buildings, their rents often do not fall in the range of what is considered ‘affordable’.
At Paragon, all new buildings have either matched the rent increase numbers as provided by RTB or are significantly less. For the Paragon Living Community, this means that the valued residents living in our buildings tend to stay in their rental homes for longer periods of time because they don’t need to worry about the affordability of their suite changing substantially year-over-year.
How to address the shortage of affordable housing in Winnipeg?
The government, community organizations, nonprofits, and real estate developers are making several efforts to address this shortage.
These efforts include government funding and grants for developers who are building affordable units and implementing policies to help make housing more affordable for low-income individuals and families.
Building new affordable housing units is Paragon Living's way of contributing to the affordable housing solution in Winnipeg. Many of our multi-family buildings offer luxury suites at heavily discounted rates, including 255 Bell Avenue and 530 River Avenue.
We aim to create opportunities for people to achieve their goals and ensure that Winnipeggers have access to affordable, quality housing.
Paragon has proven experience in utilizing strategies to be able to provide affordable luxury units in each of our new buildings. With each new building, additional affordable units are added to the market to combat the citywide need for affordable housing.
If you or someone you know needs help to keep up with the rising cost of living, reach out to the Paragon Leasing team to learn about available affordable luxury suites. These suites do not differ in quality from any of our other units, and they include water, high-speed internet, and in-suite laundry at affordable rates! The beautiful designer finishings are an added bonus. Paragon proves that you can love where you live, without breaking the bank to do it!