BONNYVILLE – With a reduction in the availability of rental properties and an increasing population, The Town of Bonnyville is offering a Housing Incentive Program with a maximum budget of $500,000.
The housing incentives will be provided on a first come first serve basis and focus on three specific targets - single family home builders, single family new homeowners, and multi-family dwelling buildings.
The Town of Bonnyville released a statement on Feb. 27, stating they are “paving the way for new housing development with a suite of incentives designed to encourage growth and investment.”
Mayor Elisa Brosseau said the housing incentives, in combination with the commercial incentive program, are “industry leading” and will put the community on a path of substantial growth over the next few years.
“The Town is already experiencing some growth challenges in the rental market,” Brosseau explained. “Additionally, with the expected growth regionally in the coming years, we want the Town positioned to capture as much of that growth as possible.”
The Town of Bonnyville stated that the community's recent population growth of approximately 14 per cent since 2020 has significantly reduced the availability of rental properties, and home sales have been at their highest since 2014.
The statement outlined the incentives for each category:
Single-family home builders will receive $25,000 for each new home built.
New homeowners building a single-family home will benefit from municipal property tax reductions, which includes 100 per cent in the first three years, 75 per cent in year four, and 50 per cent in year five.
Builders of multi-family dwellings will receive $10,000 per unit built, according to the Town.
The Housing Incentive Program will be reviewed by Town council each budget season.
