Alberta’s 2022 provincial budget commits $118 million in capital funding over three years to launch a 10-year affordable housing scheme aimed at easing a current waitlist of 24,000 households seeking subsidized accommodations. The strategy, dubbed Stronger Foundations, is targeting a 40 per cent expansion of Alberta’s affordable housing portfolio, to support 25,000 more households, through a combination of new supply and rent assistance.

The vast share of funding will be drawn from the federal government’s National Housing Strategy, but the Alberta government has pledged to augment those dollars with proceeds from the sale of surplus or under-used provincial real estate assets. The initial capital budget allocations will be largely channelled to developing an envisioned affordable housing asset management framework “to optimize the affordable housing portfolio owned by the Alberta Social Housing Corporation” and to develop a framework for delivery of affordable housing in partnership with municipal, non-profit and private developers.

The newly released Alberta budget earmarks $16 million to begin that work in 2022-23 with installments of $33 million and $48 million set for the following two budget years. In addition, it promises $21 million over three years for Indigenous housing, and $14 million in operating funds over three years for additional rent supports that will enable approximately 3,000 households to obtain private market housing.

“The strategy will transform the province’s affordable housing system to address growing demand, increase long-term financial sustainability and improve accessibility for Albertans with low income,” the budget document states. Meanwhile, Alberta Finance Minister Travis Toews stressed Alberta’s relative affordability advantage in his budget speech.

“We offer a more affordable province to live than virtually any other Canadian jurisdiction,” he boasted. “Albertans have some of the lowest home prices and rents among Canadian urban centres. In fact, Albertans are able to purchase at least two homes for every one home purchase in Toronto or Vancouver.”