SRHBA Applauds the New Federal Housing Plan Aimed at Addressing Housing Affordability and Supply
SASKATOON, SK (APR 16, 2024) — The Saskatoon & Region Home Builders’ Association (SRHBA) applauds today’s federal budget announcement for introducing the comprehensive Federal Housing Plan. This plan aims to tackle the longstanding challenges of housing affordability and supply—a critical focus of advocacy by the Canadian Home Builders Association (CHBA) at federal, provincial, and municipal levels. “We are encouraged by the government’s comprehensive strategy, which aligns with many of the solutions we have proposed over the years, including those advocated for at our recent Day on the Hill,” stated Nicole Burgess, CEO of SRHBA. “We are eager to assess the impact these measures will have on advancing housing solutions within Saskatoon and surrounding region.”
A key feature of the new housing strategy is the introduction of 30-year amortization periods for insured mortgages for first-time buyers. This significant change aims to make homeownership more accessible for younger Canadians and newcomers, thereby stimulating a surge in housing construction needed to bridge the existing supply gap. “This extension is a crucial development for the housing market, expected to empower more first-time buyers to achieve their homeownership dreams and consequently increase much-needed housing starts,” said Nicole Burgess.
The plan also includes substantial federal investments in infrastructure and public transit, directly linked to housing outputs. It introduces measures such as a three-year freeze on increasing development charges and supports a streamlined approval process through the Housing Accelerator Fund—essential steps in controlling rising construction costs.
Additionally, the federal government has committed $50 million to the Home Building Technology Innovation Fund to boost productivity and innovation in home construction, focusing on modular and prefabricated homes. This initiative is part of a broader Industrial Strategy for Homebuilding, aimed at revolutionizing how homes are built in Canada. The plan also proposes adjustments to the National Building Code to prioritize affordability and efficiency in new home construction, while carefully incorporating climate-change mitigation measures to prevent undue cost increases.
“The Federal Housing Plan introduces a range of initiatives designed to lower construction costs, directly translating into more affordable housing for both buyers and renters,” stated Nicole Burgess.” We look forward to further collaboration with the government to refine and advance these initiatives, as they have the potential to significantly impact housing development across Saskatchewan, if executed effectively.”
The SRHBA remains committed to working with all levels of government to ensure the successful implementation of these measures and to help unlock the door to homeownership for more Canadians. We are optimistic about the positive changes the Federal Housing Plan will bring to Saskatoon & Region, enhancing our community’s access to affordable and sustainable housing.
To read CHBA’s news release, please click here. To read the federal government’s news release, please click here.
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For more information or to schedule an interview, please contact:
Nicole Burgess
Chief Executive Officer
Saskatoon & Region Home Builders’ Association
ceo@saskatoonhomebuilders.com
306-955-5188
