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

Funding for BC hospitals

Hospitals in Merrit, Oliver and Salmon Arm will get 7.5-million-dollars in permanent funding from the province to help stabilize physician emergency-room coverage. Health Minister Adrian Dix says challenges like worker recruitment and retention and the ongoing toxic-drug crisis are more prominent in rural and remote communities.

Funding for BC hospitals

IHIT officer testifies to executing DNA warrant of man accused in B.C. murder trial

Sgt-Maj. Heather Lew told a B.C. Supreme Court murder trial that she collected a few drops of blood from Ibrahim Ali's finger on Sept. 9, 2018, two days after his arrest and almost 14 months after the girl's body was found. Ali has pleaded not guilty to first-degree murder in the death of the teen.

IHIT officer testifies to executing DNA warrant of man accused in B.C. murder trial

Hamas's attack on Israel: Two victims with Canadian ties laid to rest

Two victims with ties to Canada who were killed in Hamas's attacks on Israel were remembered fondly by relatives on Wednesday, who called for the world to recognize the brutality of what happened. Tiferet Lapidot, 22, was formally identified by authorities on Monday, more than a week after she died at a music festival near the Gaza Strip border, where Hamas's attack began on Oct. 7. Her family had thought she was among those being held hostage.

Hamas's attack on Israel: Two victims with Canadian ties laid to rest

Burnaby homes gutted by fire

Four unoccupied homes have been badly damaged after an early morning fire in Burnaby. Fire officials say that the homes were slated for demolition. Summers says they needed 42 firefighters and 11 trucks to knock down the blaze.

Burnaby homes gutted by fire

B.C. man, Mukhtiar Singh Panghali, who killed his pregnant wife in 2006 is granted full parole

A British Columbia man who killed his pregnant wife and burned her body in 2006 has been granted full parole. Mukhtiar Singh Panghali, who's now 51 years old, was given a life sentence in 2011 for second-degree murder in the death of Manjit Panghali.

B.C. man, Mukhtiar Singh Panghali, who killed his pregnant wife in 2006 is granted full parole

RCMP say 12-year-old killed while biking to school in Pitt Meadows

Police in Metro Vancouver say a 12-year-old was hit and killed by a recycling truck while biking to school this week. The RCMP say they're investigating the collision that occurred at an intersection in Pitt Meadows, B.C., around 8:30 a.m. Tuesday. They say paramedics and Pitt Meadows firefighters tried to save the child's life, but the young victim was pronounced dead at the scene.