This evening, Tuesday October 3rd 2023, the City of Port Moody has a generational opportunity to create a significant number of new homes to meet diverse housing needs, all within steps of sky train. It’s time for the Mayor & Council to send a strong message to the naysayers and say YES! LandlordBC’s CEO submitted the following letter of support for this exciting project on behalf of our members.
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September 29, 2023
Mayor & Council
City of Port Moody
Sent via email: [email protected]
Subject: Coronation Park Public Hearing – October 3, 2023
LandlordBC is the professional industry association representing owners and managers of rental housing in British Columbia. LandlordBC’s mandate is to support a balanced and healthy rental housing market with an emphasis on private sector solutions.
I am writing on behalf of our 3300 members to show our strong support for the rezoning application for the redevelopment of the Coronation Park neighbourhood. We are pleased to see the meaningful number of rental homes that will form a part of this exciting project. It is our long-held view that secure purpose-built rental housing is a community amenity and ultimately the most accessible form of housing for British Columbians.
We are in urgent need of more housing throughout British Columbia, which is why LandlordBC has been and continues to collaborate with partners and like-minded stakeholders to encourage all levels of government to unlock more homes across the spectrum of housing faster than ever, so everyone in our province can have a safe, secure and stable place to call home. Furthermore, I need not remind Mayor and Council that at this moment in time, senior levels of government are looking for shovel-ready projects and many opportunities for government funding are not open for projects that have not achieved completion of the rezoning. In regard to this specific project and homes that it will create, the process starts with you by virtue of the immediate approval of the proponent’s rezoning application.
The harsh reality is that the delivery of housing in our province is at a breaking point with high interest rates, high construction cost, limited construction labour and growing government taxes, fees and charges which, according to Canada Mortgage and Housing Corporation (CMHC), can make up more than 20% of home construction costs. Approval timelines are of equal importance, which not only delay the supply of new housing to the market, but significantly increase housing costs.
In closing, this project represents an exponential step to addressing the broader supply crisis in our community and province by ensuring that families have access to adequate housing. Ensuring that we continue to enable the construction of new purpose-built rental housing to meet the demand is critical for a diverse and robust community. That is why LandlordBC enthusiastically supports the approval of this rezoning application, and we respectfully ask Mayor and Council to do the same.