BONNYVILLE – The Town of Bonnyville is offering financial incentives to builders and homeowners to spur residential development and respond to recent population growth.
The town has budgeted $500,000 for the Housing Incentive Program, which includes grants of $25,000 for each single-family home built and $10,000 per unit for multi-family dwellings.
New homeowners buying qualifying single-family homes can also receive a phased municipal property tax break over five years. The municipal property tax reductions will be 100 per cent in the first three years, 75 per cent in the fourth year, 50 per cent during the fifth year.
The program is available on a first-come, first-served basis and will be reviewed annually during the town’s budget process.
"The Town of Bonnyville has not seen any new homes or new construction," for some time, Mayor Elisa Brosseau told Lakeland This Week, all the while the Town's population has increased by about 14 per cent since 2020.
"We already know that there's a rental shortage," she said. "We also hear of big projects that are trying to come to the area, which is going to put a significant demand on housing."
The program is tied to economic growth and long-term sustainability of the municipality, she said. "We want to meet that demand as the economy is starting to grow and expand in our area."
"If we want to have people come and move to Bonnyville and expand as a community, we need to have some new homes that are going to attract people to want to invest and live here," said the mayor.
Blocha Contracting Ltd. is the first local company to access the Single-Family Home Builders Incentive.
Developers and builders can inquire about the program by contacting the Town office or the Town's CAO. A developer package is available that outlines the application process and land-use regulations.
