Policy makers want to boost housing supply in a big way. Now comes the hard part
The push to build more homes to ease an affordability crisis is running into a critical problem: There aren’t enough workers to build those homes.
“There’s just not enough operators to fill that gap” in labour, Ms. Wastell said. “Everything is taking longer.” To solve the problem, policy makers have zeroed in on boosting supply in dramatic fashion. In its spring budget, the federal Liberals dedicated more than $10-billion in new spending to various housing initiatives, with a goal of doubling construction over the next decade. Meantime, several mayoral candidates in this month’s municipal elections in Ontario have set long-term targets for new housing supply.
These are, however, not the best of times. The Bank of Canada is aggressively raising interest rates to tame steep, which has led to an economic slowdown and fears of recession. While housing starts remain elevated, some developments are being cancelled or delayed as financing costs rise and buyer interest wanes.
The CMHC report made several recommendations to boost output. There should be more emphasis on converting existing structures to residential units, such as offices that companies abandoned in favour of remote work. Financial incentives should be used to steer more young people toward careers in skilled trades. And the immigration system should target people who can step into roles in residential construction.
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