Providing affordable housing allows individuals and families with diverse incomes to have access to housing.
Affordable housing is typically defined as housing that costs 30% or less of pre-tax household income. Subsidies may be required for certain households to meet this affordability level. Affordable housing can be subsidized or non-subsidized and include for example, housing types such as non-market housing with support services, housing that requires ongoing subsidies to reduce rents below market levels, and purpose-built and secondary market rental.
Core Housing Need, a national housing indicator, measures the degree to which housing meets three standards:
Adequacy (not requiring any major repairs)
Affordability (where housing costs less than 30% of total before tax income)
Suitability (where the dwelling has enough bedrooms for the size and make-up of the household, in accordance with the National Occupancy Standards)
A household in core housing need means they are living in unsuitable, inadequate or unaffordable dwelling with no alternative.
In 2021, approximately 18% of Coquitlam households were in Core Housing Need. Over the next ten years, households in Core Housing Need are expected to grow by 5%.
Affordability is the greatest challenge among the Core Housing Need indicators, with 29% of all Coquitlam households spending 30% or more of their annual income on housing (Census 2021).
The City’s Affordable Housing Reserve Fund (PDF) is an important financial tool that contributes to affordable housing solutions in Coquitlam; helping to increase the supply of housing options for low and low-to-moderate income households.