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

Environment Canada extends hurricane watch to Halifax as Lee creeps closer

Boats were being pulled out of the water in Nova Scotia Friday as forecasters warned hurricane Lee could soon bring damaging winds, large waves, flooding and power outages. Jennifer Chandler, commodore at the Chester Yacht Club, said she and her team have been working for days to prepare for what she anticipates will be a "significant storm."

Environment Canada extends hurricane watch to Halifax as Lee creeps closer

Ng won't confirm status of 'Team Canada' mission to India amid strained relations

Ng is scheduled to lead a five-day "Team Canada" trade mission to Mumbai with leaders from Canadian businesses and provinces, leaving on Oct. 9. The trade mission, the first in Asia under Canada's Indo-Pacific strategy, is focused on boosting Canadian clean-technology companies as a way to help meet India's need for renewable energy.

Ng won't confirm status of 'Team Canada' mission to India amid strained relations

Vancouver council approves zoning to allow multiplex units in most neighbourhoods

Vancouver Mayor Ken Sim says the city has taken a "huge step" toward "housing attainability" by approving multiplex units in single-family neighbourhoods, but critics of the plan argue the step is little more than a shuffle. Councillors unanimously endorsed a motion Thursday night that creates a single residential zone across most of the city, clearing the way for what supporters call "missing middle" housing.

Vancouver council approves zoning to allow multiplex units in most neighbourhoods

No illicit drugs in parks

The B-C government's drug decriminalization policy has changed to make it illegal to possess illicit drugs near playgrounds, water parks and skate parks. The Ministry of Mental Health and Addictions says the change is intended to keep drugs and drug users away from what it calls "child-focused spaces," adding to the existing list of excluded spaces that includes schools and childcare facilities.

No illicit drugs in parks

B.C. to end state of emergency as wildfire risk winds down

The British Columbia government says it is ending the state of emergency imposed last month when thousands of residents were chased out of their homes by wildfires. The government says in a statement the wildfire risk is diminishing in much of the province as temperatures cool, allowing most residents to return home.

B.C. to end state of emergency as wildfire risk winds down

DNA match in Ibrahim Ali murder case as exact as identical twins, B.C. court is told

An RCMP expert testifying at Ibrahim Ali's murder trial told the court she has never seen a DNA match as close as the one between the suspect and samples found on his alleged victim — except for DNA matches between identical twins. Forensic biologist Christine Crossman said police investigators were very thorough in their collection and testing of genetic samples from the body of the 13-year-old girl, whose identity is protected by a publication ban.