July 20, 2024

The Queens County Citizen

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Home Construction: An Insurmountable Delay?

Home Construction: An Insurmountable Delay?

Canada aims to build 3.5 million new homes by 2030, as residential construction sites across the country have slowed.

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In Quebec, the Canada Mortgage and Housing Corporation (CMHC) estimates that 860,000 housing units will need to be built annually to meet demand.

“It’s going to have rhythms that we haven’t experienced in the past,” CMHC Deputy Chief Economist Kevin Hughes explained to TVA Novelles.

There are also many challenges in the real estate sector: financing projects is difficult due to inflation, construction costs have skyrocketed and labor shortages are weighing on construction firms.

According to Mr Hughes, housing construction requires a collective response from all those involved.

Better creativity and innovation are also needed to hope to achieve the ambitious goals of governments, he said.

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