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

Liberal government looking for input on new law to improve safety in long-term care

The Liberals promised during their 2021 election campaign to table a Safe Long-Term Care Act, after widespread COVID-19 outbreaks drew attention to the struggle many homes faced to provide basic care to residents.

Liberal government looking for input on new law to improve safety in long-term care

4 stolen vehicles recovered in Kelowna

Police say they have recovered four stolen vehicles and arrested one male suspect after an operation in Kelowna. R-C-M-P say officers from its target team along with canine units executed a search warrant at a property in the 28-hundred block of Appaloosa Road on July 14th.

4 stolen vehicles recovered in Kelowna

Parched conditions push B.C.'s wildfire battle south, as rain brings relief in north

The BC Wildfire Service website reported 380 active wildfires Thursday with 22 listed as fires of note and 232 out of control. There have been 1,246 wildfires so far this year, burning a record 14,500 square kilometres.

Parched conditions push B.C.'s wildfire battle south, as rain brings relief in north

To Teach or Not to Teach: The Question of Drug Overdose Education in BC Schools

While advocates argue that providing comprehensive education about drug overdoses can empower students with life-saving knowledge and help them make informed decisions, opponents express concerns that discussing drug overdose education in schools may inadvertently normalize or encourage drug use among students.

To Teach or Not to Teach: The Question of Drug Overdose Education in BC Schools

7 charged in drug trafficking

Mounties with the drug and organized crime unit in Coquitlam say they launched the project in the fall of 2020 aimed at people operating within Port Coquitlam, Coquitlam, Richmond and Vancouver. The suspects range in age from 26 to 56 years old and are facing a series of drug and gun related charges.

7 charged in drug trafficking

Serious crimes unit takes over case of two missing B.C. children named in Amber Alert

RCMP say Verity Bolton was spotted by closed-circuit TV emerging from a grocery store with a loaded cart in Kamloops two days before she was expected to give her children, who are from Surrey, back to their father after a vacation. Surrey RCMP say in a news release that its serious crimes unit has taken over conduct of the investigation.