Beyond meeting the basic needs of shelter and safety, the availability of affordable housing also impacts well-being and life satisfaction, says Scotiabank’s Vice President of Inclusion and Resilience Economics Rebekah Young.
During a recent presentation in Halifax, Young pointed to results from the latest Canadian Social Survey which indicate that among Canadians who face housing difficulties, just 40% of respondents said they have a high level of life satisfaction. That is nearly half the rate of life satisfaction shown among Canadians who are not facing housing challenges, she added.
“That’s a very serious gap,” Young said during the ScotiaRISE Atlantic Summit in Halifax in April. “They're also more likely to say that they don't have a sense of belonging and, very importantly, they don't have hope for the future.”
Young was speaking at an event hosted by ScotiaRISE — Scotiabank’s community investment initiative which supports programs that address critical issues to strengthen economic resilience — about the central role housing plays in Canadians’ lives and provided an overview of the ongoing housing affordability crisis in Canada, and the Atlantic region in particular.
The summit’s theme was Strengthening Local Communities Through Action, with affordable housing as a key element, and featured presentations and discussion panels examining how to enhance community development to better serve the individuals and families who call Atlantic Canada home.
“Our Atlantic Summit is an opportunity to share and discuss innovative approaches and solutions for building stronger, more inclusive communities across the region,” said Nicola Ray Smith, Scotiabank’s Senior Vice President, Atlantic Region, in her opening remarks. “Through our conversations, we hope to address some of the many challenges related to growth and integration and the kinds of services and initiatives required to support our community development.”
Housing development a key economic driver
Speakers included Colton LeBlanc, Nova Scotia’s Minister of Growth and Development, and Halifax Mayor Andy Fillmore. Also participating in panels were executives from various ScotiaRISE charitable partners, including United Way Maritimes President & CEO Sara Napier, YWCA Executive Director Miia Suokonautio, and representatives from Nova Scotia Health and community developer The Shaw Group Ltd.
Housing accounts for roughly 15% of Canada’s GDP, Young said, but in Nova Scotia the proportion is roughly 20%.
Meanwhile, national housing prices are up 40% relative to pre-pandemic levels, and rental prices are up 30%, she added. In major cities in the Atlantic region, the increase is even steeper. For example, in Halifax, Fredericton and Saint John, prices are roughly 70-80% higher than pre-COVID, Young noted.
Rebekah Young, Scotiabank's Vice President of Inclusion and Resilience Economics, addresses the ScotiaRISE Atlantic Summit audience in Halifax.
“Even though the starting point for home prices in the region was lower prior to the pandemic, the acceleration of those price increases has just outpaced the rest of the country.”
A recurring theme in the summit’s panel discussions was the importance of a collaborative effort between government, non-profits and the private sector to effectively address issues such as affordable housing, as well as challenges in other areas such as health care. Listening to concerns from communities themselves, particularly those with lived experience, is also an important factor.
Scotiabank’s $3-million community investment in Atlantic Canada
The Atlantic Summit took place one day before Scotiabank’s Annual General Meeting was held in Halifax, returning to the province and region where the Bank got its start.
In April, Scotiabank also announced a $3-million community investment in Atlantic Canada, to support local communities through partnerships with non-profit organizations. Marking the Bank’s largest annual commitment in the region to date, the funded initiatives will include those focused on economic resilience, in line with the Bank's ScotiaRISE initiative.
ScotiaRISE supports initiatives targeting various issues including improving high school graduation rates and post-secondary participation, removing barriers to workforce participation and career development, and supporting newcomer inclusion and basic needs. Since its launch in 2021, ScotiaRISE has contributed more than $150 million and partnered with over 300 organizations worldwide, including more than 30 active partnerships in Atlantic Canada.
“Scotiabank's commitment to Atlantic Canada is deeply rooted in our Bank's heritage and in our vision of being our clients' most trusted financial partner across the communities we serve,” said Scott Thomson, President and CEO, Scotiabank. “Our increased community investment in Atlantic Canada underscores our commitment to help strengthen emerging and growing communities and create meaningful opportunities for individuals and families to reach their full potential.”
