Thank you very much, Mr. Speaker. Mr. Speaker, we heard in the Minister's statement today that the NWT Housing Corporation is currently completing construction renovation of more than 510 housing units in the Northwest Territories. But this does not adequately address our housing infrastructure deficit in the Northwest Territories. This is primarily required operations and maintenance on existing units and includes a hundred new units over these last four years. When some of this longstanding public housing has been devolved into homeownership already. So I'd like to, instead, talk about the absolutely outstanding announcement from the Nunavut Housing Corporation that was announced yesterday.
Nunavut's Housing Corporation announced their plan of Nunavut 3000, which is a plan to build 3,000 new units by 2030. Nunavut plans to achieve its goal by incentivizing and pursuing partnership with Inuit organizations, the private sector, and other levels of government to expand the housing continuum and provide safe, secure, and affordable housing. Nunavut 3000 will add 300 transitional housing beds, 1,400 public housing units, 900 affordable housing units, and 400 market housing units because the northern housing crisis, as we all know, goes beyond a need for public housing. We need supportive and transitional living solutions as well as affordable and market housing. We have seen multiple examples of much needed jobs unfilled or hard to fill because of lack of housing across this territory. This plan spans the Nunavut housing continuum and increases the range of housing options, reduces the social and economic costs of inadequate, unaffordable housing, increases the housing stock that meets modern building codes and performance standards, supports the development of a stronger housing supply chain, realizes true partnership to improve the social and economic conditions of Inuit through housing, and provides training through earnwhileyoulearn opportunities that increase preapprentices, apprentices, and skilled trades people.
Nunavut suggests that for every $1 million in housing capital investment, 5.9 jobs, each paying $64,000 a year, are generated. With a track record of building on average 90 new homes per year for the last three years, Mr. Speaker, Nunavut Housing Corporation has shot for the moon and intends to complete Nunavut 3000 within the next eight years, but not alone.
Mr. Speaker, true housing success can only be achieved through partnership, and Nunavut plans to incentivize private participation in addressing the housing crisis. Mr. Speaker, I seek unanimous consent to conclude my statement. Thank you.
Unanimous consent granted
Thank you very much, Mr. Speaker, and a huge 'thank you' to my colleagues as well. Mr. Speaker, while I don't know what these incentives will look like, Nunavut estimates Nunavut 3000 will cost a whopping $2.6 billion and about 35 percent of that will come from the private sector. If the NWT wanted to proportionately match Nunavut's housing goals, the NWT's goal would be 3700 units. Mr. Speaker, this is the same number of homes that I asked for in my 2022 motion to increase the population of the Northwest Territories.
I'm going to be honest, Mr. Speaker, this is a lofty goal with a huge price tag, but this plan makes Nunavut a step ahead, ready to clearly seek specific funding. You know what they say, Shoot for the moon. Even if you miss, you'll land among the stars. With a goal of delivering 360 new homes in the first year, I'll be watching and cheering for Nunavut's success and hoping our own government shoots for the moon. Thank you, Mr. Speaker.
Order. Thank you, Member for Kam Lake. Members' statements. Member for Deh Cho.
