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

Pedestrian killed in Vancouver’s Chinatown

The city's police say a woman was crossing near Main and Georgia streets when she was struck just before 12:30 p-m. They say the driver is co-operating with the investigation.

Pedestrian killed in Vancouver’s Chinatown

BC to invest in newcomers

The provincial government will spend nearly 26-million dollars annually for settlement services to help newcomers succeed in their new communities. That's an increase from six-million dollars the province had previously provided.

BC to invest in newcomers

10 cars vandalized: New Westminster Police

When officers arrived on scene they found ten vehicles had been sprayed with orange and blue paint. Officers collected evidence and began canvassing the area for CCTV footage.

10 cars vandalized: New Westminster Police

B.C. company expands antibody research, production facilities for second time

B.C. Premier David Eby said the expansion project will create more than 400 jobs, while ensuring world-leading medicines are developed in Canada for Canadians and people globally.

B.C. company expands antibody research, production facilities for second time

Surrey, B.C., municipal police force calls for clarity over future

An open letter from the Surrey Police Service says the ongoing debate over whether the city transitions to using a municipal force or returns to the RCMP means employees are increasingly distracted by worries about their futures. The letter calls for "a clear and safe path forward for policing in Surrey."

Surrey, B.C., municipal police force calls for clarity over future

Driver strikes a pole in 152nd Street area of Surrey, road closures in effect

Surrey RCMP is investigating a single vehicle collision in the area of 152nd street and 62a Avenue. A vehicle was travelling north bound on 152 street when the driver lost control and struck a power pole, severely damaging it.