REGINA, Sask. — Regina’s newest housing strategy was the subject of nearly seven hours of discussion at executive committee on Wednesday.
First introduced in July, the strategy outlines 36 actions aimed at expanding the city’s housing supply, diversifying housing options, supporting people at risk of homelessness and building strategic capacity.
The report returned to executive committee after councillors asked administration for more information on timelines, responsibility for each action and how the city can further support infill development.
What became clear through delegations is Regina’s lack of housing supply.
Tyler Hudy, vice-president of public affairs and communications at the Saskatchewan Realtors Association, said the city needs to return to housing options similar to 2018.
“In 2018, Regina had 1,750 active residential listings at the end of August. The benchmark price was $277,000.”
But the housing options for people to choose from have “fallen significantly,” said Hudy, leading to higher housing prices and down payments.
“Since 2018, the price of a benchmark home has risen by 26 per cent. At the same time, a down payment has increased from $55,000 to $69,000,” he explained, mentioning the city only had 797 listed properties in August, with more than 200 conditionally sold.
Hudy said Regina currently needs roughly 1,893 homes annually, a target the administration aims to meet by 2036, but cautioned that closing the housing gap alone won’t solve the city’s housing challenges.
“If we produce fewer homes than we need in the early years, that shortfall accumulates and a higher target needs to be reached over the years.”
Addressing the need to build more homes ultimately comes down to financing, said Stu Niebergall, president and CEO of the Regina Home Builders Association.
“The city has the ability to take on a lot more significant risk than the private sector is able to do.”
Based on his observations over the years, Niebergall said council has faced challenges in balancing cost minimization with efforts to maximize growth, leading to falling behind on infrastructure and the inability to provide new wastewater capacity for different areas at the same time.
Niebergall indicated the city should talk to the province about increasing debt capacity for Regina and upfront costs for capital, including wastewater.
Executive committee approved the motion on Wednesday, which requires final approval at the Sept. 23 council meeting.
