Eby directly earlier this week at an announcement of the federal government’s $2-billion contribution to the BC Builds program. Still, B.C.’s efforts have received widespread praise, including from Prime Minister Justin Trudeau, who addressed Mr. cities in the past year to help them speed up their planning and permitting processes, there is no way of knowing how fast that will happen. What are acute labour shortages today could turn to chronic labour shortages in the future,” he said.Īlthough the province and the federal government have handed over hundreds of millions of dollars to B.C. “If we’re not able to access our share of permanent residents in the quantities that we need to supplement our work forces and our domestic recruitment efforts, we’re going to continue to fall further and further behind. That’s in part because many construction professions are excluded from Ottawa’s Express Entry program for skilled immigrants, he added. While permanent residents make up just over a quarter of Canada’s overall work force, they represent only 18 per cent of the workers on construction sites, he said. Ferreira said domestic recruitment and training is needed, but that there also needs to be a large infusion of immigrant workers to replace retirees. Some are considering applying for larger buildings.īill Ferreira, executive director of BuildForce Canada, a national industry group created two decades ago with federal money to track construction trends, said he is hearing from contractors all around the province that they aren’t taking on new jobs because they aren’t sure they can find the workers needed to complete the work on time. Eby’s housing push is that developers are reconsidering their previously approved projects in the area around Vancouver’s future Broadway subway, and near the city’s transit hubs, because of policy changes that may now allow them to build more densely. That’s a lot of headwind.”Īnother thing slowing down Mr. “When you factor in all the mortgage renewals at higher rates, that’s 2 per cent of GDP. “Interest rates are what is hanging over the housing market,” said Marc Lee, an economist at the Canadian Centre for Policy Alternatives. Eby has repeatedly promised to increase housing supply through existing programs and the newly announced BC Builds initiative, a middle-income housing program that the federal government is supporting with $2-billion in low-cost financing.Įconomic analysts agree that interest rates are affecting shelter costs. Last year’s budget committed a further $12-billion over the next decade. Horgan in 2017, and is still on track to create the promised number of housing units, the statement said. has invested $5.2-billion in housing since the New Democrats formed government under Mr. Another 12,255 units are in their planning stages, the statement said.ī.C. ![]() Ministry of Housing said this week in a statement. There are another 17,968 under construction, the B.C. From 2018 until the end of 2023, provincial investments and policies had resulted in the completion of 47,695 affordable homes. They were to include a range of different economic models, from supportive housing to market rentals.īut the province has a long way to go before it meets that goal. The new housing units were supposed to be aimed at students, singles, seniors and families. ![]() In 2018, then-premier John Horgan promised 114,000 new affordable homes would be built within 10 years.
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