Construction association says quick action needed to alleviate 'historic national housing crisis'
In the face of the "historic national housing crisis," the Quebec association of construction and habitation (APCHQ) says we need to act on several fronts at once: increase housing affordability, reduce construction costs, extend the maximum amortization period on mortgages and better finance social housing. In addition, the APCHQ says everyone must do their bit at the federal, provincial and municipal levels.
With the country's housing crisis at the heart of the federal government's discussions, the APCHQ is proposing a series of measures to relieve the pressure.
Among other things, to reduce construction costs, the APCHQ is proposing to increase the GST rebate for new housing and to exempt the construction of social and affordable housing from the rebate altogether.
Also, to promote access to home ownership, the association recommends extending the maximum amortization period for mortgage loans from 30 to 35 years in order to reduce monthly payments.
Similarly, the APCHQ suggests better financing for the construction and renovation of social and affordable housing.
According to the association, to meet anticipated demand, the pace of residential construction would have to double, whereas it is currently slowing down.
This report by The Canadian Press was first published in French on Aug. 24, 2023.
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