CHARLOTTETOWN, PE - Premier Dennis King along with PC Candidates Kristi MacKay and Rob Lantz released a plan for making home ownership easier for Islanders, increasing the supply of housing, cutting red tape for development, and creating additional pathways to home ownership.
Over the last four years, the PC government under Dennis King has made record investments in public housing including a record investment in last year's capital budget of $150 Million Dollars over five years to create 485 new public housing units across the province, launching the Affordable Housing Development Program, and provided almost $30 Million dollars over the last four years in rental supplements and mobile rental vouchers.
Today, Premier King announced that a re-elected PC government will:
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Launch a Rent-To-Own program with financing options through government so that Islanders have the opportunity to purchase a home after renting for 24 months;
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Provide $25 Million Infrastructure Fund to municipalities and regional development corporations to work with communities outside the capital area to develop construction-ready lots for Islanders to purchase and use for modular builds;
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Continue to invest in public housing with the goal of eliminating the housing registry within the next 24 months;
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Provide support, mentorship, and financing to establish new co-operative housing complexes across the province by working with communities, non-profits, and regional development corporations so tenants have authority and input into the operation of their buildings;
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Create opportunities for Tiny Home Communities in rural PEI where Islanders can purchase and build equity instead of paying rent;
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Launch a Closing Cost Housing Support Program to provide first-time home buyers with up to $2,500 towards closing costs of purchasing their first home;
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Introduce Instant Building Permits where permits can be instantly issued during an appointment with a multi-disciplinary team for straight-forward, routine building permits;
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Reduce building permit wait times down to a maximum of 30 days by the end of 2023; and
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Increase the Housing Challenge Fund by $50 Million Dollars providing developers with 2% financing for quick-start housing projects which will add at least another 250 units to the housing inventory.
To increase capacity in the construction industry workforce, a re-elected PC government will work with organizations like the Construction Association of PEI, unions, and local contractors, to launch and expand existing programming including:
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Provide funding to expand training programs such as the ‘Discover Carpentry’ program to expose more Islanders to the construction industry and provide them with the necessary skills and knowledge to be employable in the industry; and
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Working with the Office of Immigration, the Construction Association of PEI, and local contractors, invest $500,000 over the next two years to build on the Trades Canada program to recruit new workers to join the construction workforce on Prince Edward Island through international recruitment missions; and
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Expand vocational training opportunities in our education system to expose students to career options earlier and provide pathways for mentorship and training for young Islanders to express an interest in the construction industry.
“We have made considerable strides in increasing the housing inventory on Prince Edward Island over the last four years, but we still have work to do,” said Premier Dennis King. “The initiatives released today focus on reducing red tape that slows down construction and development provides opportunities for new and unique approaches to increasing the housing inventory on Prince Edward Island, and focuses on expanding the construction workforce.”