Quote:
Originally Posted by hipster duck
Do you know if planners define “market rate” affordability of new units based on average rents from the CMHC’s rental market survey?
If so, they’d be setting rental price guidelines for new build apartments with modern fixtures based off averages estimated from the entire supply of rental properties, including very old units, units where the landlord hasn’t bothered to raise the rents in years and rents from units in buildings in cheaper parts of town.
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That's exactly how it is typically defined. Ottawa's AMR for a 1-bed right now is $1,280, so an "affordable" unit in that project, at 10% less than AMR, would be $1,152 a month. a 2-bed unit would be $1,395.
That's far, far below actual market rent for a unit like that in a new building.