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. It warned that lengthy development timelines, rising construction costs, and labour shortages are slowing progress.
The report noted residential development can take up to seven years for multi-unit projects, including three to five years for planning and another year or two for construction.
“This often results in a timing lag between when a project actually begins and when it appears in housing starts and completions data particularly for large multi-unit projects like rentals and condos,” said the briefing note….