Ottawa's Housing Push May Not Show Results Until 2033: Finance Memo
It may take until 2033 for the federal government’s measures to spur housing construction to show their full impact, according to an internal Finance Department memo. The estimate was cited in a Jan. 30 briefing note to Deputy Housing Minister Paul Halucha, which was recently obtained by Blacklock’s Reporter through the access to information regime. [...]
TL;DR
- Federal housing initiatives might not show full impact until 2033.
- Long development timelines, rising construction costs, and labor shortages are slowing progress.
- Multi-unit residential projects can take up to seven years to complete, including planning and construction.
- There is a timing lag between project commencement and its appearance in housing start data, especially for large projects.