What happened: Prime Minister Mark Carney launched Build Canada Homes on September 14, a new federal agency designed to fast-track and fund more affordable housing units across the country. Â
The feds start building 4,000 modular homes on public land in 6 cities, including Ottawa, Toronto, Winnipeg, and Edmonton.
The agency is allocating $1 billion to develop supportive housing and services for Canadians facing homelessness. Â
Catch-up: Carney pitched the agency on the campaign trail as the cornerstone of his plan to double Canada’s homebuilding rate. The agency act as both a developer and financier, building below-market housing itself and bankrolling private builders that are doing the same. Â
Why it matters: Canada needs 5.8 million new homes by 2030 to restore affordability to early-2000s levels. But with homebuilding costs up nearly 60% since 2020 and housing starts essentially flat in major cities, the sector could certainly use some help.
The idea is that by cutting red tape, unlocking public land, and offering up government investments, the feds can get the housing train moving a little faster.
Yes, but: Labour shortages in the construction sector are still looming large. According to one estimate, Canada needs to add about half a million construction workers to meet the 2030 home-building goal.
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WAIT THERE'S MORE
🏡 40,257. Homes sold in Canada last month, the highest total in 4 years. In a sign that the housing market is starting to rebound, sales have ticked up for 5 straight months.
🚗 Alberta will become the first Canadian province to add “Canadian citizenship markers” to driver’s licences and ID cards.
🎥Watch the films of Robert Redford. The actor-director, who passed away last week at 89, had a huge impact on film history, stemming from his classic films and his co-founding of the Sundance Film Festival. Watch some of his best roles.
🌎 This South American country is home to the world’s largest salt flat, which is famous for its surreal mirror effect during the rainy season. Its cities are filled with historic architecture from their days as silver mining hubs during the Spanish empire.Where in the World is this?
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I hope you find this weekend's news helpful and happy.
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Have a great weekend.
Vittoria
Vittoria Gallone, Realtor®
vittoriagallone.com
519-277-2959
1300 Bloor Street, Unit 107 Mississauga, ON L4Y 3Z2, Canada
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