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Monday, July 11, 2011 - Program for first-time buyers on surplus school sites should continue: report
Program for first-time buyers on surplus school sites should continue: report
Thursday, June 23, 2011
By Gordon Kent, edmontonjournal.com
Photographed by:
Walter Tychnowicz, edmontonjournal.com
EDMONTON - A controversial program to build homes for first-time buyers on surplus school sites should continue for another decade, says a report released Thursday.
The city introduced the plan in 2006 to help people buy homes in Edmonton’s red-hot real-estate market, but ran into heavy criticism from people worried they would lose green space and be surrounded by low-income housing.
However, a study done after all 85 townhouses were sold in the first two sites — Greenview in the southeast Woodvale area, and Canon Ridge in northeast Homesteader — found they were generally accepted by the community.
The evaluation, which suggests developing the remaining 18 sites in stages by 2021, pointed out this success came partly because the neighbourhoods had volunteered for the project, and other areas may continue to have concerns.
The consultant found new owners saved an average of $11,000 to $12,000, allowing about half of them to buy homes when they did.
The big drop in house prices after 2008 meant the draw used to choose participants was under-subscribed and isn’t needed in the current market, he said.
Any profits from the program will be split 50-50 with the school boards.
gkent@edmontonjournal.com
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