CMHC says up to 4.8 million new homes will be needed over the next decade to achieve affordability.
This translates into 430,000 to 480,000 new homes annually. Currently, 245,000 starts per year are projected.
CMHC reports the increased numbers are possible if Canada adopts a “larger & modernized workforce, more private investment, less regulation, fewer delays & lower development costs.”
We often advocate for encouraging investment and housing supply through less red tape, reduced fees and taxes, and establishing reasonable timelines for permits.
We have also proposed expanding the skilled workforce by enabling university students to choose electives in the trades, creating practical skills for summer jobs and perhaps a career in the industry.
Expanding the workforce requires education funding. Yet, the recent BC govt budget for SkilledTradesBC shows a $3 million decline in “training investment” from $88 million to $85 million through 2027/28.
Last year’s budget plan said, “increase in housing demands in BC will also increase the demand for skilled workers.”
This year’s plan says there is, “growing demand for skilled trades workers, with tens of thousands of job openings expected over the next decade.”
However, the budget shows flat funding of $85 million for the next three years. Considering inflation, this represents eroding government support for trades training.
Reducing BC’s training budget will not double housing supply and unlikely to even sustain the existing numbers.
This is especially true in light of retiring baby boomers and a projected 83,000 job openings by 2032.
If the BC government is serious about increasing housing, they must invest significantly more in education and training.
The goal to boost supply and affordability is only possible if there are trained trades available to build the homes.
This column appears Wednesdays in the Times Colonist.
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