As city council prepares for its summer of public engagement over the city\u2019s next four-year budget cycle, Edmontonians may be interested to know the torrent of affordable housing projects over the past half-decade is having a positive impact on the economy.<\/p>\n
Officials are projecting $2.6 billion in economic activity since 2019, using the Alberta Economic Multipliers By Industry and Commodity<\/a> tables. Council was informed of the economic windfall during a deep dive into the city\u2019s social development department on Tuesday.<\/p>\n \u201cIt\u2019s really impressive, some of the results that we\u2019ve seen,\u201d said Ward O-day\u2019min Coun. Anne Stevenson. \u201cFor every dollar we\u2019ve invested in affordable housing, it\u2019s led to five dollars of private and other government investment. When you count up all the affordable homes that have been delivered through support from the city, you get a huge economic impact in terms of jobs and the level of investment in our city.\u201d<\/p>\n She said economic development from construction not only has social benefits but carries over into other industries. Social development branch manager Stacey Gellatly told council the city invested $258 million since 2019 and leveraged that into $1.26 billion from other governments. Officials estimate the 6,159 affordable homes developed or renewed has created 10,490 jobs.<\/p>\n Stevenson said knowing affordable housing is providing an economic windfall is helpful in upcoming budget talks because many non-profits focused on poverty and homelessness are hoping to move to or retain multi-year funding arrangements instead of having to devote time and energy to re-applying for the same grants every year.<\/p>\n She said data shows that social investments and economic development intertwine and complement one another and would push for more capital investments in supportive housing to keep the momentum going.<\/p>\n \u201cWe have really clear proof our affordable housing programs are working and delivering benefits not only to the Edmontonians who are living in them but all Edmontonians,\u201d she said. \u201cSo that\u2019s a program I want to see continue into our next four-year budget.\u201d<\/p>\n Mayor Andrew Knack said having Edmonton blow past its affordable housing goals in the last four-year cycle shows council\u2019s focus on affordability is working. But with one in seven homeowners and one in four renters in need of core housing, he said there is a lot more work to do.<\/p>\n \u201cBetween the way we\u2019ve developed our zoning regulation, the relationships we\u2019ve built with the provincial and federal governments on this, and the creativity and support of community organizations, we\u2019ve been able to achieve this incredible result,\u201d he said.<\/p>\n Knack said he felt council was following a mandate from Edmontonians, noting affordable housing was a common doorstep topic during the 2025 election cycle. He said part of the strategy is providing more variety in the marketplace for housing consumers.<\/p>\n He added Edmonton\u2019s path has been charted by other cities. In Austin, Texas, rents have steadily declined<\/a> since 2015 even with rapid population growth. Knack said he hopes to repeat their success.<\/p>\n More affordable housing developments are on the way. On Monday, the community and public services committee discussed releasing four surplus school sites with two to be designated for affordable housing \u2014 one in Dunluce and the other in Sifton Park \u2014 and the remaining two to be used as park space. A discussion on that is planned for an upcoming council date.<\/p>\n ebowling@postmedia.com<\/a><\/p>\n Related<\/p>\n Bookmark our website and support our journalism: Don\u2019t miss the news you need to know \u2014 add EdmontonJournal.com<\/a> and EdmontonSun.com<\/a> to your bookmarks and sign up for our newsletters here.<\/a><\/p>\n You can also support our journalism by becoming a digital subscriber. Subscribers gain unlimited access to The Edmonton Journal, Edmonton Sun, National Post and 13 other Canadian news sites. Support us by subscribing today: The Edmonton Journal<\/a> | The Edmonton Sun.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"As city council prepares for its summer of public engagement over the city\u2019s next four-year budget cycle, Edmontonians…\n","protected":false},"author":2,"featured_media":559008,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[194294],"tags":[192865,27174,204855,49,48,44067,105143,48586,216254,23752],"class_list":["post-559007","post","type-post","status-publish","format-standard","has-post-thumbnail","category-edmonton","tag-affordable-homes","tag-affordable-housing","tag-anne-stevenson","tag-ca","tag-canada","tag-city-council","tag-city-of-edmonton","tag-economic-development","tag-economic-windfall","tag-edmonton"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/559007","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=559007"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/559007\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/559008"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=559007"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=559007"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=559007"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}