Region of Waterloo staff say future affordable housing projects could result in $500M debt
Staff say future affordable housing projects could put the Region of Waterloo $500 million in debt over a 10-year-period.
The money would be taken out of the tax levy and would fall on the backs of taxpayers, if approved.
“Is there a cheaper way to do this?” Councillor Chantal Huinink asked during last week’s budget committee meeting.
“Short of somebody else paying for it or winning the lottery? No,” answered Peter Sweeney, the region’s commissioner of community services.
The 10-year capital program carries a total price tag of $6.8 billion. Staff said the proposed $500 million debt represents more than a quarter of all debenture funding.
“In total, we have $1.3 billion in tax levy-supported debentures and $500 million of that relates to housing. So there's another $800 million across the rest of the capital program in terms of debenture funding,” explained Christopher Wilson, the region’s manager of corporate budgets.
Councillor Colleen James told CTV News she was shocked to hear it would cost that much.
“It was sticker shock,” she said. “How do we do more with less without putting, you know, that extra expense on our taxpayers?”
James believes the province should help shoulder the cost.
“Other provinces throughout the country, with the exception of Ontario, provide funding to municipalities to at least help offset the cost of addressing homelessness and those living rough in the community.”
After more than an hour of discussion at the meeting, the committee approved a motion to ask MPP’s to put pressure the province for funding.
“I mean, the ultimate goal is to just to hope that there is no chronic homelessness in this case within our community,” James said. “The reality is that there are financial pressures that are driving people out of their homes.”
Some councillors agreed something had to be done to help fix the housing crisis.
“It's an expensive pill to swallow, but probably one that we have to do if we're going to solve the problem,” Councillor Jim Erb stated at the meeting.
There will be another budget committee meeting on Nov. 27 and a public input session where the community is encouraged to speak up if they have any concerns about the budget.
CTVNews.ca Top Stories
Quebec man, 81, gets prison sentence after admitting to killing wife with Alzheimer's disease
An 81-year-old Quebec man has been sentenced to prison after admitting to killing his wife with Alzheimer's disease.
Canada Post quarterly loss tops $300M as strike hits second week -- and rivals step in
Canada Post saw hundreds of millions of dollars drain out of its coffers last quarter, due largely to its dwindling share of the parcels market, while an ongoing strike continues to batter its bottom line.
'Immoral depravity': Two men convicted in case of frozen migrant family in Manitoba
A jury has found two men guilty on human smuggling charges in a case where a family from India froze to death in Manitoba while trying to walk across the Canada-U.S. border.
Prime Minister Trudeau attends Taylor Swift's Eras Tour in Toronto with family
Prime Minister Justin Trudeau is a Swiftie. His office confirmed to CTV News Toronto that he and members of his family are attending the penultimate show of Taylor Swift's 'The Eras Tour' in Toronto on Friday evening.
Trump supporters review-bomb B.C. floral shop by accident
A small business owner from B.C.'s Fraser Valley is speaking out after being review-bombed by confused supporters of U.S. president-elect Donald Trump this week.
Pat King found guilty of mischief for role in 'Freedom Convoy'
Pat King, one of the most prominent figures of the 2022 'Freedom Convoy' in Ottawa, has been found guilty on five counts including mischief and disobeying a court order.
Nearly 46,000 electric vehicles recalled in Canada over power loss risk
Nearly 46,000 electric vehicles from Kia, Hyundai and Genesis are being recalled in Canada over a potential power loss issue that can increase the risk of a crash.
Trump chooses Bessent to be Treasury secretary and Vought as top budget official
President-elect Donald Trump announced Friday that he'll nominate hedge fund manager Scott Bessent, an advocate for deficit reduction, to serve as his next treasury secretary. Trump also said he would nominate Russel Vought to lead the Office of Management and Budget.
Canada's tax relief plan: Who gets a cheque?
The Canadian government has unveiled its plans for a sweeping GST/HST pause on select items during the holiday period. The day after the announcement, questions remain on how the whole thing will work.