Home Builder Canada Readers survey

PRODUCT FINDER

NP_lineHome Builder Magazine New Products Online
NP_line
Computers, Educational
&Technology

NP_line
Electrical & Mechanical
NP_line
Exteriors
NP_line
Finishes & Surfaces
NP_line
Kitchens & Baths
NP_line
Landscape & Design
NP_line
Speciality Products
NP_line
Structural
NP_line
Tools & Equipment
NP_line
Windows & Doors
NP_line
New Products home
NP_line

buyers guide button


External Links: Associations & Governments. Builders & Renovators . Manufacturers & Suppliers

Home . About Us . Subscribe . Advertise . Editorial Outline . Contact Us . Current Issue . Back Issues . Jon Eakes



© Copyright - Work-4 Projects Ltd.

Housing strategy may boost renovation jobs

November 28, 2017


Jean-Yves Duclos, Minister of Families, Children and Social Development and minister responsible for Canada Mortgage and Housing Corp., outlined the National Housing Strategy in Vancouver. - Home BUILDER

The federal government’s new 10-year, $40 billion National Housing Strategy will eventually lead to more construction jobs in the renovation and home building industry, but details and timing remain vague.
The strategy also fails to address key elements of housing affordability, some critics say.
By focusing on rental and social housing, the strategy does little to help the majority of Canadians who own or aspire to a buy a home, according to the Canadian Home Builders Association (CHBA).
“The majority of Canadians are talking about and worried about house prices and how millennials will be able to afford their homes,” said Kevin Lee, CEO of the CHBA, “We definitely would have liked to have seen something more.”
In Vancouver, experts questioned how the government would deliver the thousands of new housing units the strategy calls for.
Developer and architect Michael Geller said the government would have difficulty securing enough land for the thousands of homes they are planning to build. He noted that residential development land in Vancouver is now selling for more than $450 per square foot. Geller, and others, also said a proposed $2,500 annual rental subsidy would be “insignificant” in major cities like Vancouver and Toronto where affordability is the worst.
David Goodman of HQ Commercial in Vancouver said landlords should not fear sudden competition from new government-backed purpose-built rentals. “It will take years before we see any of these units.”
Due to zoning and permit delays and current backlogs, none of the rental apartments under the National Housing Strategy would be ready for at least eight years in Metro Vancouver, he said.
The widest criticism, however, was on the lack of details on the delivery. The strategy does not start until after the 2019 federal election and still requires matching funds from other levels of government.
Yet the job creation potential of the plan is promising. If and when it gets rolling, the strategy calls for the construction of 72,000 homes over the next 10 years. It would also pay for the renovation of 300,000 existing homes, mostly subsidized rental units.
Jean-Yves Duclos, Minister of Families, Children and Social Development and minister responsible for Canada Mortgage and Housing Corp., outlined the National Housing Strategy in Vancouver.
Duclos emphasized it will take a co-operative approach and joint funding from provincial and territorial governments to deliver the program.
The Strategy highlights include:
 • $15.9 billion for a new National Housing Co-Investment Fund
 • $8.6 billion for a new Canada Community Housing Initiative in partnership with provinces and territories, and $500 million through a new Federal Community Housing Initiative
• $4 billion for a new Canada Housing Benefit to be launched in 2020 in partnership with provinces and territories; this would provide about a $200 monthly rental subsidy for about 385,000 tenants
 • $2.2 billion to reduce homelessness
 • $300 million in additional federal funding to address housing needs in Canada’s North
 • $241 million for research, data and demonstrations

 

 

homeBUILDERcanada.com | Home BUILDER Magazine | Canada's #1 Information Source for Residential Home Builders and Professional Renovators

HB house ad sub
Home Builder Magazine Ask Jon Eakes
Home Builder current issue