WHAT'S AFFORDABLE HOUSING EXACTLY?

Housing is considered affordable if costs do not exceed 30% of a household's pre-tax income. This definition applies to housing provided in private, public, and non-profit sectors, and includes rentals, owned properties, temporary and permanent housing situations.

For instance, if a household's annual pre tax income is $60,000, affordable housing costs would  not exceed $18,000 (or $1,500 per month). 

Affordable housing is a foundational piece of a thriving community. It is directly linked to physical and mental health, improves the quality of life of local residents, and improves the local economy. 

Safe and adequate housing is directly linked to improved physical and mental health. This is because without affordable housing, individuals experience more stress, are more likely to forego regular healthy meals and medications, and other healthcare needs. (Canadian Mental Health Association)

Affordable housing improves the quality of life of local residents through creating a greater capacity maintain housing, access extracurriculars and community services, and improve their education. (Canadian Mortgage and Housing Corporation)

Affordable housing can help improve the local economy because it provides a foundation for individuals to maintain employment resulting in a greater capacity for spending and increased local economic activity. Local businesses will benefit from improvements to the labor shortage.

The Prince Edward County Housing department reports quarterly on local real estate and rental prices. To view the report, please click HERE 

According to Prince Edward County's 2021 Vital Signs Report:

                                            - 45+ homeless residents in PEC

                                            - 69.6% increase in average home sale price in last 2 years

                                            - 37.8% of renters in PEC spending more than 30% of income on housing costs

These numbers are likely to have increased in more recent years due to inflation and poor economic conditions. 

This information, in addition to others income and housing statistics provided by Vital Signs, indicate a significant need for new affordable housing units in Prince Edward County.

For more information regarding local economic, community, and housing conditions, please click visit https://vitalsigns.thecountyfoundation.ca/

PECAHC is a registered non profit organization. Staff secure funding through grant applications, loan agreements, and donor relations. This funding is being used for several projects including:

                            - Development of new affordable housing units that will be owned and operated by PECAHC

                            - Managing the municipality's secondary suites program: offering financial incentives for homeowners to develop affordable housing

                            - Connecting municipal employees and service organizations offering financial support with tenants struggling to meet housing costs

For more information about our current projects, please click HERE