The Canadian Home Builders’ Association (CHBA) welcomed the government’s Budget plan to invest in public transit systems and municipal infrastructure, which will help make houses more affordable.
“Federal investment of up to 50% of capital costs in public transit is critical to housing affordability,” said Kevin Lee, CHBA’s Chief Executive Officer. “Under the conventional one-third from each level of government formula, an increasing portion of the municipal share would likely come from higher development taxes on new home buyers. The Public Transit Infrastructure Fund should help limit price pressures on new residential development.”
CHBA was also pleased with the government’s plan to invest in improving the energy and water use efficiency of Canada’s stock of social housing, which will mean long-term benefits for the environment, society, social housing agencies, and residents.
“Canada’s housing industry is a climate change leader,” said Jane Morgan, CHBA President and a developer from St. John’s, NL. “Half of Canada’s housing stock was built before 1985. That half uses twice as much energy as the stock built since 1985. There is a huge opportunity to reduce greenhouse gas emissions and strengthen the economy through energy-efficient retrofits of older homes in Canada. Taking action on retrofitting the social housing stock is an important part of that endeavour.”
Other Budget measures, such as the Affordable Rental Housing Innovation Fund, the Clean Water and Wastewater Fund, and the development of a National Housing Strategy will help protect housing affordability for the middle class, young people and new Canadians.
The Budget has indicated that further development of infrastructure and housing policies and strategies will be undertaken in consultation with stakeholders. CHBA will continue to play an active role in these consultations on behalf of the industry and new home buyers.
“We look forward to working with the government and other stakeholders to ensure that the housing needs of all Canadians are met, including renters, owners, first-time buyers, and those in need of assistance,” said Lee.
Representing more than 8,500 small- and medium-sized businesses across Canada, the Canadian Home Builders’ Association (CHBA) is the voice of Canada’s residential construction industry. Housing and renovation are a vital part of Canada’s economy in every community across the country. Residential construction and renovation directly and indirectly supports more than 900,000 jobs, paying more than $50 billion in wages. The residential industry generate $125 billion in economic activity each year, and provides over $30 billion in federal and provincial revenues each year.