Huntsville is throwing its hat in the ring for a new provincial funding program to help renters find reasonable rates. The Development Charge Rebate Program is going to provide $125 million over the next five years to builders of multi-unit buildings so the units can be rented at market rates. However, there are no details yet on how that money will be allocated to the various communities that qualify for funding, which includes Huntsville, Bracebridge and Gravenhurst, as well as Toronto.
In a report to council, Huntsville’s Manager of Finance Julia McKenzie explained that the allocations could be based on vacancy rate, demographic need, local plans, and what the town has done to encourage market rental housing. It was outlined at this week’s council meeting that the vacancy rate for rental properties in Huntsville is around three per cent and around 20 per cent of households rent.
According to the Ministry of Housing, the 2017 average market rent for apartment units in the District of Muskoka was $664 for a Bachelor apartment. It was $812 for a one bedroom, $943 for a two bedroom, and $1073 for a three bedroom.
During the meeting, Mayor Scott Aitchison explained it’s tough to find rental units in Huntsville, and as the community grows so will the need. Huntsville staff has sent its Expression of Interest for the program to the province and will have to wait and see what comes of it. The District of Muskoka would be the program administrator for the fund, which means developers would be reimbursed by the district with the provincial money.
