The PBO said more than $89 billion will be needed to accomplish Ottawa\u0027s goal of bringing affordable housing units to residents. Read more.
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As it stands, Ottawa has carved out a budget of about $82 billion to cover the cost of its national housing strategy. But in a report released on Feb. 16, the PBO said more than $89 billion will be needed to accomplish its goal of bringingSign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
The national housing strategy, which was launched in 2017, was originally a 10-year plan that was expected to run through 2028 with a budget of $40 billion. Since then, the budget has doubled as the need for affordable housing has accelerated, though construction has not kept up.Article content New residential developments have become more expensive to build as a result of the rise in the cost of materials, land and loans.“Unlike some other industries, the building industry has a fixed capacity to construct more housing and it is losing many of its older and more experienced workers who are retiring,” said Ted Kesik, professor of building science at the University of Toronto, in an email.
“BuildForce Canada projects that these market challenges could persist through the forecast period due to strong residential construction markets and a growing inventory of current and proposed major projects that are not expected to wane until 2026,” a report published on its website last year said.
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