Housing affordability in Canada will deteriorate unless we act soon, warns CMHC chief economist Bob Dugan. Find out more.
, which stands for Not In My Backyard and refers to people who object to something being in their neighbourhood but not in other regions.Article content“There’s not one solution. There’s not one institution or level of government or organization that can address the issue,” CMHC chief executive Romy Bowers said in the same discussion as Dugan.The star of the response must be supply, she and Dugan agree.She counts about 4.
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. But purpose-built rentals can be a long-term proposition, in Toronto it can take up to 8.5 years to build one from conception to move-in. Many builders just want to construct something, sell it and move on, so there’s less of an incentive to make these properties.
For Canada to replicate this, it would need people to come around on their NIMBYism, and for developers to build larger condos where people feel they have the ability to bring up children or have space for hobbies and visitors, said Dugan.
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