In a recent council meeting, the city of Cold Lake discussed two proposed building incentive programs aimed at encouraging new home development and revitalizing abandoned properties. These initiatives are intended to address challenges in the local housing market and promote community growth.
One of the key proposals is the Starter Home Incentive Policy, which focuses on building small, affordable homes to help first-time buyers enter the housing market. The policy, if approved, would encourage the construction of single detached homes or row housing, with a specific emphasis on affordability.
“The housing market can be quite challenging to break into, and so it’s important for a community to have a variety of housing options,” said Mayor Craig Copeland. “We’re hoping this policy will create some more affordable homes for people who didn’t already have equity built up in real estate.”
The draft policy proposes that qualifying starter homes would have a maximum of 1,400 square feet of above-ground floor area and take up a footprint of no more than 700 square feet. Row houses with up to three units may also be included. These homes would be priced at $350,000 or less, making them more accessible to families and individuals looking for affordable housing options.
To incentivize the construction of these homes, the policy would offer a municipal tax rebate to first-time homeowners over the first three years of ownership. Additionally, builders would receive a partial refund on development permit costs.
The full draft of the Starter Home Incentive Policy will be returned to a future council meeting for further discussion and possible approval.
The second proposed program targets derelict properties, where abandoned buildings hinder renovation or redevelopment due to high demolition costs. To address this, the council is considering waiving or rebating landfill fees for approved demolitions, up to $10,000.
“Some buildings can’t be saved, and the cost to remove them is high,” noted Mayor Copeland. “At least this way we can try and alleviate some of the costs in order to bring the property back to something that makes sense to develop again.”
The derelict property incentive aims to help property owners reduce the financial burden of removing unsafe or unsalvageable buildings, ultimately encouraging redevelopment and improving the aesthetic of local neighbourhoods.
Both policies will be revisited at future council meetings for potential revisions and final decisions.
For more information on Cold Lake’s building incentive program visit their website.
