Milton is facing a big problem with affordable housing, as discussed in a recent town meeting.
A report showed that the town needs 3,500 more affordable homes. Many people are also spending more than 30% of their income on housing, which is considered too much. The average affordable housing cost for a family in Milton is about $3,150 per month, based on an average household income of $126,000. However, for lower-income families, costs should be between $630 and $2,500 per month.
Kelly Martel, the Town’s affordable housing manager, explained that defining "affordable housing" is complicated. Some definitions are based on income, meaning if a family spends more than 30% of what they earn on housing, it is too expensive. Others define affordable housing based on local market prices, but this does not consider how much families actually earn.
Many families in Milton are struggling to afford housing, and rents keep rising. There are very few rental units available, with just 709 purpose-built rental homes. This means over 6,000 families have to rent from private landlords, often at higher prices. Milton's rental vacancy rate is only 1.5%, much lower than the 3% considered healthy.
More than half of Milton’s homes are single-family houses, with an average selling price of over $1 million in 2024. However, the provincial guideline for affordable homes in Milton is $524,600. The most affordable options right now are condos and apartments, which cost between $550,000 and $745,000.
To help with the problem, the town is working to bring more condos and townhouses to the market. This could create more housing options at lower prices. However, Milton itself does not build homes—it only creates the rules to help developers build different types of housing.
The town is also working with different levels of government and private companies to improve affordability. It has one of the fastest approval times for new housing projects and is meeting its housing goals.
A detailed housing report must be finished by March 31 to qualify for federal funding. The town is considering solutions like inclusionary zoning and working with government and private organizations to provide more affordable homes
Disclaimer: The information presented in this news article has been gathered from local news sources. Please refer to the provided references for verification. Click Here.
Feel free to reach out to us at news@miltonbaithak.ca or follow us on WhatsApp, with any news tips, story ideas, or information you'd like to share. As a dedicated platform focused on advertising and curating news centered around MILTON, we welcome submissions related to businesses, news within the business sector, or inquiries about other people. Our goal is to assist you, whether you're interested in featuring your business or sharing relevant news.
Commenti