“If all the properties are scooped up by foreign investors, we need to be serious about this and that’s the approach we’re taking to ensure that we can buy buildings that are affordable and keep them in the hands of the community,” said Singh.
According to the latest National Rent Report by Rentals.ca and Urbanation, Edmonton is ranked 31 on a list of 35 cities in terms of monthly average rent. In 2023 the average monthly rent in Edmonton in July for a one-bedroom was up 12.8 per cent and up 11.5 per cent for a two-bedroom from previous years.
When asked if a rent cap across the country is something his party is interested in implementing, Singh said it is something they can “absolutely look at.” But said it is not a solution on its own. We need to build more homes rapidly and we need to build more homes that are not in the market, so not-for-profit cooperative community based,” said Singh.
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