Low-cost housing options will become even more important in Alberta in the near future
The federal and Albertan governments inaugurated the Vermilion Valley Lodge, a 124-unit low-cost senior housing complex situated approximately 200 kilometres east of Edmonton.
This development provides 124 affordable housing units intended for Vermilion’s low-income seniors.
“The lodge offers home care and other services and amenities to ensure seniors can continue to live safely and independently in their chosen community,” the announcement stated.
“Our community is excited to celebrate the modernization of our lodge which will provide a home to our seniors for many generations,” Vermilion mayor Caroline McAuley said. “We thank the Alberta Government for their generous support and the Vermilion community who championed this project and raised $1.5 million to furnish the lodge. The response from residents and the community at large has been overwhelmingly positive and the residents love their new home.”
A recent Royal LePage analysis has noted that modest price growth will continue to define the province’s housing markets, making the availability of such low-cost options even more important.
In Edmonton, home prices remained steady during the fourth quarter, inching down by just 0.7% to end up at $379,426. The trend suggests a market steadily regaining its footing.
“Home buyers in Edmonton have adjusted to the mortgage stress test and sellers are making appropriate compromises,” according to Tom Shearer, broker and owner with Royal LePage Noralta Real Estate. “Sellers are optimistic when meeting buyers that they are ready to make a purchase.”