Government and Developers Partner to Tackle Canada's Housing Shortage

Credits: Building Solutions: How Private Innovation Meets Public Goals In Canada's Housing Crisis

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With housing affordability reaching crisis levels nationwide, all levels of government in Canada are rolling out new measures aimed at spurring home construction. Developers like Equiton are working closely with policymakers while leveraging favourable conditions in the multi-residential rental market.

Inviting Policies Offer Tailwind for Builders

The federal government recently enacted tax incentives, funding programs, and policy changes intended to unlock the housing supply. Most notably, Ottawa exempted purpose-built rental projects from the GST, which housing analysts say could deliver 5,000-10,000 additional rental units per year. The National Housing Accord has also set a target of adding 2 million affordable homes by 2030.

Provinces and municipalities are also getting involved via zoning reforms and process improvements around development approvals. For example, several major cities now allow for more multi-unit housing construction in response to the intense demand for rentals.

Equiton Capitalizes on Market Fundamentals, Policy Shifts?

Players like Equiton are already putting these policy tailwinds to work via expansion in the multi-residential segment. As Ray Dillabough, VP of Project Development at Equiton, explains: "The demand for multi-residential housing has evolved significantly, driven by a supply-demand imbalance exacerbated by population growth."

He notes Equiton combines acquisition, planning, approvals, and construction execution to deliver rental stock to undersupplied markets efficiently. An extensive pipeline of projects focused on exceeding community standards demonstrates Equiton's commitment to being part of the housing solution.

For example, the firm's upcoming 300+ unit Sandstones Condo development will provide much-needed supply in Toronto. "We believe in the residential development space in Canada and are bullish on its prospects," Dillabough remarked.?

Government and Industry Alignment Provides Hope??

While hurdles like slow approvals and rising building costs persist, Dillabough says alignment between developers and policymakers is encouraging. "There are challenges, but there's also a response to these challenges. As an industry, we've made our concerns known, and it seems the government is listening."

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