this post was submitted on 12 May 2024
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I worry about what this means for home construction in general. With interest rates relatively high, a shortage of building supplies, and a shortage of construction workers, I suspect developers are gonna stop developing.
If governments aren't willing to pick up the slack, that means we won't come anywhere near the 3+ million homes we need to get prices back to something reasonable.
All of the federal and provincial policies I've seen for home construction have been mArKeT iNcEnTiVeEs that rely on the private sector.
That's what happened here in Australia and homes and condos (apartments) have gone from horrendously expensive to ridiculously horrendous expensive.
We don't build homes to house people either. Unlike say these guys
https://www.theguardian.com/lifeandstyle/2024/jan/10/the-social-housing-secret-how-vienna-became-the-worlds-most-livable-city
Yeah, getting the state to build/own seems like a pretty important part of the solution.
Even just helping the private sector; the provinces told the Federal Government they aren’t allowed to help