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

Son holds vigil seeking justice for Sikh parents slain in Canada

Jagtar Singh Sidhu and Harbhajan Kaur, both in their 50s, were shot more than 20 times just before midnight on November 20 at their rental property along the Caledon-Brampton border. While Sidhu died on the spot, Harbhajan Kaur succumbed to injuries in the hospital where she was rushed to along with their daughter who was shot 13 times and continues to battle for her life.

Son holds vigil seeking justice for Sikh parents slain in Canada

B.C. wants unified truck safety system after spate of overpass crashes reveals gaps

British Columbia's transport minister has written to his federal counterpart asking for the closure of road safety gaps he says allow some trucking companies to avoid consequences while operating unsafely across Canada. Rob Fleming's letter on Monday to Pablo Rodriguez comes after a series of incidents involving commercial trucks or their cargo slamming into highway overpasses.

B.C. wants unified truck safety system after spate of overpass crashes reveals gaps

North Vancouver man in custody after reports of erratic behaviour involving a weapon

Police in North Vancouver say a man is in custody after someone reported him acting erratically and holding a weapon in the city's central Lonsdale neighbourhood Friday morning. North Vancouver R-C-M-P say the report drew a heavy police response to the area and shut down part of the neighbourhood as an emergency response team was called in to deal with him.

North Vancouver man in custody after reports of erratic behaviour involving a weapon

Man shot in Coquitlam, B.C., over weekend dies of his injuries

A man injured in the latest shooting in the Metro Vancouver suburb of Coquitlam has died. The Integrated Homicide Investigation Team joined the case after police say the 21-year-old victim shot on Saturday died from his injuries.

Man shot in Coquitlam, B.C., over weekend dies of his injuries

Insured damage from severe weather exceeded $3.1B in 2023: insurance bureau

Severe weather and natural disasters caused more than $3 billion in insured damages for the second year in a row in 2023. The Insurance Bureau of Canada's annual tally is topped by wildfires in the Okanagan and Shuswap areas of B.C., which cost $720 million.

Insured damage from severe weather exceeded $3.1B in 2023: insurance bureau

Police say dog may have been thrown to its death from downtown Vancouver hotel

Police say a dog that fell to its death in downtown Vancouver may have been deliberately thrown from a window. Vancouver Police say officers responded to a call and found the dead dog in the laneway beside the Molson Hotel at around 2 p.m. on Friday.