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

Snow and cold in Metro Vancouver wreaks havoc on the roads

An abrupt snowfall in Metro Vancouver resulted in snarled traffic and set off numerous crashes on major routes. Environment Canada says the area received about 3 centimetres of snow Thursday, which combined with freezing temperatures to create icy roads throughout the region.

Snow and cold in Metro Vancouver wreaks havoc on the roads

Canadians helped plan U.S., U.K. attacks on Houthis in Yemen: Defence Department

The Defence Department says Canadian Armed Forces members provided planning support for the U.S.-led attack on Houthi positions in Yemen Thursday but no Canadian equipment was involved. Three staff officers were deployed in December to the multinational operation in the Red Sea aimed at deterring Houthi blockades of the key shipping route.

Canadians helped plan U.S., U.K. attacks on Houthis in Yemen: Defence Department

Housing crunch prompts efforts to stabilize immigration levels, say federal ministers

Housing Minister Sean Fraser and Immigration Minister Marc Miller say the federal government is working to stabilize the number of people entering the country every year as housing pressures mount. The federal government ultimately decided to increase the number of permanent residents Canada welcomes each year to 500,000 in 2025 — nearly double the amount from 2015.

Housing crunch prompts efforts to stabilize immigration levels, say federal ministers

Truck hits roof of Massey Tunnel

Mounties in Richmond are investigating after a witness said she saw a truck hit the roof of the Massey Tunnel Wednesday night. Police say the witness told them she was driving behind the truck when it hit and came to a stop inside of the tunnel before continuing through.

Truck hits roof of Massey Tunnel

Canada embarks on preclearance pilot project on U.S. side of Quebec/N.Y. land border

The Canada Border Services Agency hopes to launch the two-year project later this year to determine whether similar setups could replace smaller, aging facilities on the Canadian side of the border. The project carries a price tag of $7.4 million, money that was allocated in the 2021 federal budget.

Canada embarks on preclearance pilot project on U.S. side of Quebec/N.Y. land border

Income gap between new immigrants and all Canadians shrunk by half in four years: PBO

A new report from the parliamentary budget officer finds the gap between the average incomes of new immigrants and all tax filers has narrowed significantly. The report finds the median income of new immigrants was about 78 per cent of the median income made by all tax filers in 2018, compared with 55 per cent in 2014.