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Outgoing Housing Agency Chief Says Lack of Builders Hurt Affordability

CANADA
(MNI) OTTAWA
  • CMHC chief Romy Bowers, who's leaving for the IMF soon, told lawmakers at a hearing Monday that restoring affordability is a very tall order requiring big changes from government and industry.
  • “Even the private sector won’t be able to just buy Canada out of this situation. Skilled labor shortages in the construction sector mean that Canada does not have the human capacity to close the supply gap. Canada needs to boost productivity in the construction sector.”
  • “We can’t keep building houses the way we have for decades.”
  • Bowers affirmed the estimate that 3.5 million extra units are needed over a decade to restore affordability and said the govt's earlier housing plan was never seen as a complete solution
  • “Governments need to create the conditions” to attract even more investment, she said.
  • Higher interest rates have slowed some homebuilding, Bowers said.
MNI Ottawa Bureau | +1 613-314-9647 | greg.quinn@marketnews.com
Homepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
MNI Ottawa Bureau | +1 613-314-9647 | greg.quinn@marketnews.com
Homepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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