Stronger Foundations is Alberta’s 10-year strategy to improve and expand affordable housing options. It includes goals and targets for affordable housing based on strategic government investments, and by enabling more non-government investment through partnerships. According to the strategy, dated November 2021, “Expanding affordable housing to serve more households over the next 10 years requires flexibility, innovation, and partnerships... among all orders of government, communities, non-profit organizations, and the private sector.”
When discussing home affordability, increasing residential supply in Red Deer is critical to supporting the City's growing population. In early September the federal government of Canada, via the national housing agency said progress was being made on building sufficient housing stock to fix the country's affordability gap, but almost 3.5 million new units will still have to be built by the end of the decade. And, while the supply picture has improved somewhat in select markets, it has worsened for Alberta. According to CMHC, Alberta needs 130,000 homes over the next decade to keep pace with growth. And, Red Deer has an important role to play in the delivery of new homes in Central Alberta.
The Capstone redevelopment vision describes upwards of 2,000 new homes within the community at full build-out, expected sometime in 2040. A blend of housing typologies ranging from low to mid rise multi-family development (4-12 stories), to senior's housing, to residential rental units and more are all possible.
Above: Artistic rendering of Capstone, concept only.
“Densifying downtown Red Deer and making better use of scarce riverside land parcels, is ultimately the goal of the community" said Cory Edinga, Capstone Project Manager. "This is not a typical suburban community of single-family homes; in Capstone we aspire to offer more homes and more home choices to residents. Developers that have demonstrated experience in building multi-family supply and who are operationally well positioned to activate a project sooner - rather than later – are best suited for Capstone.”
Earlier this spring in response to the housing crisis, the federal government committed $4 billion to the Housing Accelerator Fund- a funding initiative which enables municipalities to apply for funding for a range of local housing needs and gaps.
City of Red Deer administration worked collaboratively across departments to complete a submission for the Housing Accelerator Fund that included an action plan with eight initiatives to support and accelerate housing supply in Red Deer. Proposed initiatives included a range of incentive programs to support local housing needs and gaps with a focus on permanent supportive housing, affordable housing, missing middle multi-family housing and rapid development in the greater downtown. CHMC's funding decisions will be made this Fall.
Red Deer is growing, and Capstone is at the epicentre of the next generation of urban dwellers and downtown revitalization.
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September 27, 2023
Densification an important consideration for Capstone
July 27, 2023
Capstone's Retail Offerings
June 23, 2023
March 14, 2023
Government of Alberta Budget 2023
February 16, 2023
Capstone, a master planned community and health district