Housing affordability has emerged as perhaps the most critical issue currently facing Canadian cities. In Vancouver and Toronto, both now considered global cities, there is a significant disconnect between local incomes and the cost of housing. Income inequality has been increasing and is manifesting itself more and more through economic segregation. Combined, these trends are eroding the social cohesion of our cities and undermining equality of opportunity. If left unaddressed, they will have significant, long term economic and social consequences for the health of our communities and society.
Creative Housing Society is a not-for-profit organization dedicated to the creation of affordable rental housing in Canada’s major cities, beginning with Vancouver and Toronto. Founded by Westbank, the Society will be headquartered in Toronto. Creative Housing will pursue public and private partnerships to realize its goal of constructing 50,000 new units of workforce rental housing over the next decade. As the founding partner, Westbank is in discussions with a leading REIT, pension funds, advisory bodies and banking institutions to establish their involvement in the initiative in various capacities.
Creative Housing was founded with a mandate to bring greater creativity to affordable development, from the way we manufacture housing, the energy sources we use, how we manage operating costs and develop financial models, to the way we add value and contribute to the growth and success of our communities.
The Society will pursue innovation in every aspect of development, seeking creative solutions to develop projects that will set the standard for a new model of affordable housing.