National

Home builders group pushing for 30-year mortgages to boost construction in Canada

Darpan News Desk The Canadian Press, 08 Feb, 2024 01:32 PM

The group that represents residential builders in Canada wants Ottawa to offer a 30-year amortization period for insured mortgages on new homes.

The Canadian Home Builders' Association says extending the period an additional five years would help with affordability and spur more construction.

Kevin Lee, the group's CEO, says it would bring more first-time homebuyers into the market, in turn encouraging developers to build more homes.

Kevin Lee, CEO of the Canadian Home Builders’ Association, says there’s a shortage of 3.5 million additional homes needed to be built in the next decade. pic.twitter.com/AysA9FCqHS
— True North (@TrueNorthCentre) February 8, 2024

The association is also recommending setting up an investment tax credit to help the industry become more productive.

Housing expert Mike Moffatt says he likes that idea. But he says offering a longer mortgage risks boosting demand without addressing the core issues behind the shortage.

The Canadian Mortgage and Housing Corp. estimates the country needs to build 5.8 million homes by 2030 to restore housing affordability.

Prev Next

MORE National ARTICLES

YVR gets a 3.5M dollar investment

The Vancouver International Airport says a 3.5-million-dollar investment by the federal and provincial governments will go towards improving the main terminal's building performance and to reduce its overall emissions.

YVR gets a 3.5M dollar investment

Rise in grandparents scam in Abbotsford

Police in Abbotsford are warning the public of a rise in the so-called "grandparents scam." Authorities say fraudsters posing as lawyers are calling seniors, suggesting a family member is either in jail and needs bail money, or has been in an accident and needs to pay for damages.

Rise in grandparents scam in Abbotsford

Highways prepared for extreme weather 'new normal,' says B.C. transportation minister

British Columbia's transportation minister says 130 kilometres of highway that was severely damaged by flooding two years ago is now more resilient to extreme weather. Rob Fleming says the stretch of the Coquihalla Highway, or Highway 5, between Hope and Merritt, B.C., is an example of a "new normal" for how infrastructure needs to be built.

Highways prepared for extreme weather 'new normal,' says B.C. transportation minister

Two more Canadians leave Gaza Strip, as Freeland calls situation 'heartbreaking'

Two more people with ties to Canada left the Gaza Strip for Egypt today, as hundreds seek to flee a worsening humanitarian situation in the besieged Palestinian territory. Global Affairs Canada says it has helped 358 Canadian citizens, permanent residents and their relatives exit the war-torn territory, while another nine have managed to get out through other means.

Two more Canadians leave Gaza Strip, as Freeland calls situation 'heartbreaking'

Notorious clubhouse owned by Nanaimo, B.C., Hells Angels being demolished: Farnworth

A clubhouse that once belonged to a Vancouver Island chapter of the Hells Angels is being demolished, just weeks after a court ruling confirmed the B.C. government has the right to seize the property. Mike Farnworth, minister of public safety and solicitor general, says in a statement that the clubhouse in Nanaimo is coming down immediately.

Notorious clubhouse owned by Nanaimo, B.C., Hells Angels being demolished: Farnworth

Wreckage of plane discovered near Kamloops

The wreckage of a plane that authorities believe is decades old has been found south of Kamloops, B.C. The Transportation Safety Board says in a statement that it was made aware of the wreck and investigators have been in contact with Kamloops RCMP.