Addressing Canada's housing challenge requires a collaborative effort from federal, provincial, and municipal governments, as well as the private sector.

Introduction

This year's Spring Economic Update highlighted the importance of increasing housing supply and improving conditions for building more homes.

Challenges in Housing Delivery

Despite the demand for rental housing, the challenge lies in creating the right conditions to build at the required scale. Construction costs, borrowing costs, and local development charges can make projects unviable.

Role of Governments and the Private Sector

Recent federal and intergovernmental actions, such as the Canada-Ontario Partnership to Build, demonstrate the need for coordination to support housing delivery. Successful housing policy depends on alignment between federal, provincial, and municipal levels, as well as financing conditions.

Importance of Certainty and Ambition

For the private sector, certainty is crucial, and capital can be mobilized when there is a reasonable level of confidence in the project's viability. The private sector has a central role to play in addressing Canada's housing challenge, but it requires collaboration with governments.