Could it be that we are experiencing major government help for our pre-construction housing industry? I have said repeatedly that we need creative thinking and cooperation among the private and public sectors to solve our current crisis. On Sept. 14, the Canadian Government launched the Build Canada Homes Agency to work toward building affordable housing at scale and at speed. This high-level initiative involves the agency partnering with provinces, territories, municipalities and Indigenous communities, as well as builders and developers and overseeing steps to streamline the housing process.

Lowering rents and home prices

Among the advantages of this agency are goals such as lowering rents and home prices, the faster delivery of houses, new jobs, stronger regional economies, a housing supply that better reflects the diverse needs of Canadians and long-term investment in housing development. If all of these occur, it will be like utopia for both builders and the homebuying public. For far too long, potential house and condominium purchasers have waited on the sidelines to take this major life step.

The agency’s initial $13 billion will go to using public lands for lead developments. There are six sites prioritized to receive 4,000 factory-built homes on federal lands, and thankfully, Toronto is among them. Some of the funds will go toward financial incentives for builders to construct affordable homes by reducing upfront costs. For several years, builders and developers have been asking government to do something about reducing those costs, especially development charges. Many municipalities have already reduced and even eliminated them in some cases, which is only fair. We need new infrastructure, but these charges, which are passed on to the new home purchasers, often go to items not related to housing in any way. New homes and condos cost enough without adding unnecessary bureaucratic red tape to the equation.

As great as the new federal agency sounds, what would help immediately is offering GST elimination and reduction to all new-home buyers, not just first-time purchasers. If there has ever been a time when a tax break is needed to spur sales of all new homes and condos, it is now. Let us hope the government is listening on that front as well.

Economic, psychological, social and emotional wellbeing

It is well known that housing in Canada is critical to our economic, psychological, social and emotional wellbeing. It is also wonderful to see action being taken to counter the supply/affordability crisis we are experiencing. We need to instill confidence again, and the new federal agency is one step in that direction. The agency calls for teamwork on an unprecedented level. Let’s hope the goals of Build Canada Homes Agency come true and that everyone keeps an open mind to work together toward a common goal. As the future unfolds and we see new homes being built, I look forward to learning more details about the initiative. We are excited to welcome potential purchasers back into our sales offices and match them with the perfect new homes.