Windsor builders hail federal budget housing measures as 'good start'
'A good start.' A worker is shown at a construction site of a new single-family home on Roxborough Boulevard in Windsor on Feb. 28, 2024. PHOTO BY DAN JANISSE /Windsor StarLocal developers are calling the multibillion-dollar affordable housing measures in the 2024 federal budget “a good start” but say much work remains before any real impact is felt.
The Liberal government on Tuesday committed to spending $8.5 billion on various housing programs to build nearly 3.9 million residences across the nation by 2031.
“Overall, you can clearly tell the federal government understands the problem to the point of nuance that they actually identified ADUs (additional dwelling units) in the budget,” said Walkerville Capital CEO and local real estate broker Rhys Trenhaile.
“I have high hopes based on what we see. The politicians get it. “More the question for me now is whether the bureaucrats can execute the plan. That’s a big question based on recent history.”
Trenhaile lauded the government plan to offer up to $40,000 in low-cost loans to add ADUs and to inject $15 billion into an apartment construction loan program. “I think the ADU loans are the most important thing in the budget in the short term,” Trenhaile said. “We can’t build our way out of this crisis in six or seven years without adding thousands of ADUs.”
Fortis Group president Max De Angelis agreed many of the budget commitments look good on paper. And by boosting funding, he said the government recognizes there’s a housing crisis. However, De Angelis said he feels the budget could’ve better addressed the root causes of that housing crisis.
Windsor-Essex County Homebuilders’ Association president Brent Klundert also calls the budget “a first step” but he wants to see more details on what the federal government will do for first-time home buyers.
The recognition of foreign construction credentials, he said, will help with the skills shortage, and he supports increasing the cap for using RRSP funds for home purchasing.
But Klundert was disappointed to see the HST waiver for purpose-built rentals not being extended to single-family homes.
Read the full article here: https://windsorstar.com/news/local-news/windsor-builders-hail-federal-budget-housing-measures-as-good-start
