A Zoning Bylaw in Waterloo set to go into effect at the end of this month has now been put on pause. It means developers won’t be forced to build affordable housing units in Major Transit Station areas. Some Waterloo councillors on March 3 didn’t vote in favour of deferring implementation.
Developers told the city an unstable housing market mixed with a lack of being able to attain financing is causing developments to slow down or halt.
Inflation has also driven up construction costs and a changing political landscape was cited as another reason for a pause.
Adam Lauder, Waterloo’s Manager of Community Planning said they are recommending a pause on implementation for now, not looking to reconfigure the bylaw.
“There are a lot of uncertainties as I think everyone knows and is picking up on. In my 17-years at the city I haven’t seen such an uncertain time and haven’t seen a real estate market as challenged as it is today,” said Lauder.
Waterloo council will discuss the Zoning bylaw and deferring implementation to an unknown future date March 24.
A developer spoke to council, delegating his perspective, saying he hasn’t been able to build for awhile due to a lack of financing from the banks.
Coun. Royce Bodaly and Coun. Jen Vasic wanted the Zoning bylaw to be pushed through regardless of the current housing market.
“We are living in the real world and the development community is having a hard time getting financing, I get that. And then I think of the folks who are really struggling who have real day to day fear,” said Vasic.
Council directed staff to report back in June with recommendations for a new implementation date.
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