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

Surveillance video of an alleged suspect in unsolved murder released: VPD

Police have released new surveillance video of an alleged suspect in an unsolved murder in East Vancouver last year. They say 37-year-old Zhuowen Gong was fatally stabbed while walking near Renfrew and Graveley streets around 9:45 p-m on November 2nd last year, and police say the motive behind the attack is still unknown.

Surveillance video of an alleged suspect in unsolved murder released: VPD

Vancouver magic mushroom stores raided by police are reopening

One of three magic mushroom stores that were raided by Vancouver police this week has already reopened, and the owner says his other two are restocking and will be back in business on Friday. The Vancouver Police Department says it executed search warrants at the stores on Wednesday in an investigation into the sale of illegal psychedelic drugs, with officers seizing "a variety of controlled substances."

Vancouver magic mushroom stores raided by police are reopening

34 year old charged with numerous firearms charges: Surrey RCMP

R-C-M-P in Surrey say a 34-year-old man has been charged with multiple offences after an investigation that began with a traffic stop last week. The Mounties say two men were arrested after an officer from New Westminster stopped a vehicle that had been driving erratically just after 2 a-m last Thursday.

34 year old charged with numerous firearms charges: Surrey RCMP

Pedestrian struck in Vancouver in serious collision, VPD seeking witnesses

Vancouver police are looking for witnesses to a serious collision on the city's west side that sent a pedestrian to hospital with life-altering injuries. Police say a 57-year-old woman was at the crosswalk of Arbutus Street and West 33rd Avenue Tuesday afternoon when she was struck by a red Mini Cooper.

Pedestrian struck in Vancouver in serious collision, VPD seeking witnesses

Calgary man found not criminally responsible for five stabbing deaths faces review

A lawyer for an Alberta man found not criminally responsible for killing five young people at a Calgary house party is asking the province's review board to release him on an absolute discharge. A hearing has heard that Matthew de Grood had several two-week unescorted passes from an Edmonton group home over the last year to visit his parents in Calgary.

Calgary man found not criminally responsible for five stabbing deaths faces review

Lifetime cost of Canada's F-35 fighter jets is $73.9B: parliamentary budget officer

Canada will pay an estimated $73.9 billion to buy, fly and maintain its new fleet of F-35 fighter jets, the parliamentary budget officer said Thursday. Yves Giroux said his independent analysis of the procurement project is "broadly in line" with the government's own estimates from January, which said the cost would be around $70 billion.