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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.

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