'Team Canada effort' needed to reach housing goals: Fraser | Power Play with Vassy Kapelos

TL;DR

Canada's federal housing minister discusses the government's plans to increase the pace of home construction through a catalog of pre-approved designs, but acknowledges that more work needs to be done to meet the country's housing needs.

Transcript

Sean Frasier is the federal housing Minister and he's with us now hi Minister Frasier good to see you thanks for making the time again it's a pleasure to be with you thank you for having me on the announcement today Minister I remember being at the cabinet Retreat back in August where Mike Moffett Professor Mike Moffett was telling you and your col... Read More

Key Insights

• 🏠 Pre-approved designs: The government plans to establish a catalog of pre-approved designs to streamline the construction process, making it easier and faster to build homes in Canada.
• 🏭 Reduction in construction time: Implementation of the pre-approved designs could potentially reduce the time to build homes by up to 12 months, which would be a game-changer in the construction industry.
• 📈 Increase in building permits: Recent data shows a significant increase year-over-year in building permits issued, indicating a positive impact of the government's policy measures on housing starts. ⏰ Speed of implementation: The government aims to launch the consultation process for the pre-approved designs in January and expects to have them ready for public use by 2024, with an ongoing opportunity to update designs based on emerging technologies.
• 💼 Collaborative effort: Meeting the target of 3.5 million additional housing units will require collaboration between federal, provincial, and territorial governments, municipalities, private sector, nonprofit sector, and Indigenous leadership.
• 🔒 Balancing supply and demand: The government acknowledges the need to address both the supply and demand side of the housing market, with measures aimed at increasing building capacity and considering the impact of temporary residents on housing demand.
• 😷 Impact of the pandemic: The government is working to support businesses and prevent job losses while also ensuring housing availability for key workers, striking a balance between housing capacity and economic needs.
• 📈 Ambitious targets: While acknowledging the challenges ahead, the government aims to significantly increase the pace of building beyond the all-time record of housing starts and work towards the target of 3.5 million additional housing units by implementing a suite of policies.

Questions & Answers

Q: How does the establishment of a catalog of pre-approved designs help in increasing the pace of home construction?

By having a catalog of pre-approved designs, builders can save time on getting permits and approvals, allowing them to start construction more quickly. This reduces construction timelines and enables more efficient use of labor and resources.

Q: What other measures is the government considering to accelerate home construction?

In addition to the catalog of pre-approved designs, the government is looking at reducing red tape at the municipal level and implementing an industrial strategy. These measures aim to streamline the building process and address any bottlenecks or barriers that may slow down construction.

Q: How will the government ensure affordability while increasing home supply?

The government is aware of the need to balance increased supply with affordability. They are investing in affordable and community housing to provide options for low-income families. Additionally, measures like reducing the GST on apartment construction and working with builders to make the math work financially are aimed at maintaining affordability.

Q: What impact do building permits and residential construction investments have on housing starts?

Building permits and increased investment in residential construction are positive indicators that can lead to an increase in housing starts. While it's difficult to pinpoint an exact timeline, these trends suggest that more homes will be built in the months and years ahead.

Q: Is the government considering capping the number of international students and temporary foreign workers to control demand for housing?

The government acknowledges the impact of temporary residents on the housing market and is taking steps to address it. They have made changes to the international student program to prevent abuse and exploitation, and are working with provinces and institutions to ensure responsible practices. While a cap on temporary residents is not currently being considered, further measures may be taken if necessary, such as shutting down institutions that are acting against the rules. The government aims to find a balance between meeting labor market needs and ensuring sufficient housing for the population.

Summary & Key Takeaways

• The federal housing minister discusses the government's policies to increase the pace of home construction in Canada.

• The government plans to establish a catalog of pre-approved designs to streamline the building process and reduce construction time by up to 12 months.

• The minister acknowledges the need for collaboration with provincial and territorial governments, municipalities, and the private sector to reach the target of 3.5 million additional housing units by 2030.