Housing affordability crisis requires ‘all hands on deck’ response: CMHC
When Bob Dugan surveys the future of Canada’s housing market, he doesn’t see the rosy picture many long for.
Dugan’s feelings about the lack of affordability have been festering within the federal housing agency for some time, prompting it to ring alarm bells last summer, when it revealed the country needed to build 3.5 million more homes than it is on track for to reach some semblance of affordability. Starts aren’t strained because of a lack of interest or demand in building, but by labour shortages, higher interest rates and costs for materials, along with zoning issues and NIMBYism, which stands for Not In My Backyard and refers to people who object to something being in their neighbourhood but not in other regions.“There’s not one solution.
CMHC has tried to spur more of these units with a rental construction funding initiative, which provides low-cost funding to borrowers during the most risky phases of rental apartment development.
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