Inclusionary Zoning Market Feasibility Study, Hamilton
About the project
urbanMetrics was retained by the City of Hamilton (Hamilton) to undertake an Inclusionary Zoning (IZ) Market Feasibility Study.
Like many municipalities in the Greater Golden Horseshoe, the City of Hamilton has experienced significant housing price and rent appreciation over the past ten years. In response, the City is considering the implementation of an IZ policy in the proposed Protected Major Transit Station Areas (PMTSAs).
urbanMetrics inc. conducted a residual land value analysis of hypothetical condominium and rental projects for ten different test sites within the proposed (future) transit corridor between McMaster and Nash. Our research considers the feasibility of implement a range of inclusionary (affordable) unit provisions including 5%, 10%, 15%, 20% and 25% of units within a project. Our findings suggest that a 5% inclusionary provision is feasible for most condominium projects with PMTSAs, however the ability to secure any more than this, with some exceptions, is unfeasible under prevailing (2023) real estate development conditions.
