Important step would be to overhaul the CMHC
CAL-011223-gyb-12.JPGGetting housing built is one of the most important public policy issues we face today. No one denies the housing crisis in Canada, especially the lack of rental housing, which is why it was so odd to see the recent federal cabinet retreat end without any new announcements on this file.
Beyond attaching strings to infrastructure spending and tweaking the tax code, as necessary as these steps are, there are other things the federal government should be doing. A hugely important step would be overhauling how the Canada Mortgage and Housing Corporation currently supports the construction of purpose-built rental housing.
With higher interest rates, higher prices for construction materials and tremendous competition to secure skilled labour, the costs of all construction have gone up. CMHC’s evaluations have not, however. Nor have they kept pace with the rapid population growth many communities have experienced.
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