The city of Cold Lake has introduced the Starter Home Incentive Program Policy, aiming to encourage the construction of smaller, more affordable homes to help residents enter the housing market.
The program offers a three-year municipal tax rebate to builders who develop houses with a maximum footprint of 800 square feet and no more than 1,600 square feet of above-ground floor space. To qualify, the homes must have a sale price of $380,000 or less.
The rebate will be passed on to the first buyer, providing financial relief during the early years of homeownership. However, the incentive in non-transferable and will not apply if the home is sold within the three-year period.
Mayor Craig Copeland highlighted the need for the initiative, stating, “We’re looking to create more affordable home opportunities for people who are looking to buy into the housing market. Housing is a hot commodity in town, and we want to do what we can to create more opportunities for people to have affordable options.”
For additional information on the program or other building incentives available in Cold Lake, visit the city’s website.
