Rental units have been at a premium in Yorkton for several years, but now a new building has opened in the city which should give some relief to the market. Allenbrooke Apartments adds 29 units to the local market, 22 of which are subsidized under the Capital Rent Subsidy program.
The funding for the project was partially provided through the federal and provincial governments, which provided $880,000 through the Canada Mortgage and Housing Corporation and the Saskatchewan Housing Corporation. The remainder of the development was funded by P.R. Investments. The City of Yorkton also provided tax abatements for the development for five years.
Yorkton MLA Greg Ottenbreit says that it’s a project that was needed in the city and the province.
“We haven’t seen a whole lot of new apartments being built in the province since the mid-’80s, so to see a project like this move ahead is quite exciting.”
The subsidized two-bedroom apartments are approximately $600 a month, Ottenbreit says. This was one of the requirements to get the subsidies, as the goal of the program is to have inexpensive apartments priced below the market rate, which currently hits at around $900 a month.
The building also has two apartments for disabled residents, plus an elevator in order to ease accessibility concerns. Ottenbreit describes this as a rarity, but a smart move from a business perspective, since it opens up the building to a wider range of tenants.
The intent of the program is to spur investment into rental housing. Ottenbreit says that previously, there was little incentive to build apartments like this for private enterprise, but that the government wants to stay out of the housing industry. He believes it’s an example of where a public-private partnership is the most sensible option.
The building is part of an overall goal of making housing more accessible to Saskatchewan residents, whether it’s in Yorkton or elsewhere in the province. Ottenbreit notes that the vacancy rate in the city was at one per cent seven years ago, but is now at three, something he credits to different programs. He points to Head Start on a Home, subsidized rental units like this or other developments like the Fromm Manor, which opens up housing to people with otherwise limited access as ways progress has been made on the housing front.
“There’s always more to do, there’s a huge need for housing and housing is very important when it comes to the quality of life and health of people, but there have been significant investments that have started to pay off for the people of the province.”
The hope is to see more projects like this in the city, Ottenbreit says, and there have been several elsewhere in the province, both ground-up construction and modular units that can be put together quickly.
“We’re seeing innovation on a whole bunch of different fronts that are accessing programs like this.”
