Thank you, Madam Chair. And you know, it was mentioned as well is that, you know, the Housing Corporation can't do this on their own. You know, we need private sector. We need an economy. We need Indigenous governments. We need communities. We need land. We need -- you know, we need hopefully cost of goods and material to decrease a bit, because right now when I look at it, I know we're probably south of a billion dollars to fix this issue, easy. And, you know, with the cost of -- just cost of material, when you look at building and you look at what it's cost us to build a unit, then you've got land development on it, and then if you -- then if you -- in a small community, if you go and increase, you know -- you know, the -- the housing units by a third, then you may have to again start increasing the power to -- to run those houses. So there's -- so there -- it just -- it snowballs. So I think that, you know, we can throw a few dollars here and there at it but I think what we have to do is it has to come from -- it has to come from the federal government, mainly, if we expect anything, it's got to come from the Indigenous group, and we have to be there to put all this together and support them.
So I guess I'd ask the question is what is the -- what is the executive doing to -- to maybe look at an approach like that, because at the end of the day it's federal dollars, or we're -- we're not going to count on the few tax dollars that we raise or anything like that. It has to be -- it has to come from the feds and we need Indigenous buy-in on it as well. But at the same time, you know, like I said, we need -- we need an economy because -- I'll give you an example here of, you know, how things can turn so quick.
Hay River, we have a -- you know, we've got probably 60 or 70,000 -- 70 people on the waitlist. Well, we got a 42-unit apartment building going in. The high-rise which I tried to get the -- convince this government to buy was sold to a private sector group, which has probably worked out for the best anyway. There's 122 apartments. So now, you know, we have 164 apartments that hopeful will be available within the next year to two years. And, you know, we may not be able to fill them. So what I would hope is that at the end of the day that we can encourage more people to come to Hay River and move to Hay River and locate there, and we can see more government jobs going there.
So, you know, what -- you know, besides working with the federal government, what are we doing to also work with the private sector to encourage this type of quick turnaround?
You know, again another example is the 24 apartment building, unit apartment building you guys bought here. Like, if -- things can change so fast. So -- and I think that, you know, we got to look at that as well. Thank you, Madam Chair.