News:

Motion by Councillor McHattie
re Student Lodging Home Bylaw passed at Committee of the Whole

November 14, 2005

The following motion was passed at the Committee of the Whole on November 14, 2005 following a presentation by MPAC (Municipal Property Assessment Corporation). 

Licensing is seen as a way to identify student lodging homes so that MPAC can assess them differently than family-owned houses.

The motion:

Whereas in Ward 1 student lodging homes are selling for $80-100K higher than assessed value

And Whereas this category of homes is artificially driving the assessed values of adjacent family homes

And Whereas, student lodging homes earn the owner from $2,500 to $5,000 per month in income

And whereas, MPAC has an assessment code (code 366) for off-campus student lodging homes and is using this code in Waterloo;

Therefore be it resolved;

That staff be requested to implement a method to legally identify student lodging homes as income producing properties including but not limited to a student lodging home by-law.