Average home price must fall in Canada to restore affordability, minister says
AI Article Summary
Federal Housing Minister Gregor Robertson stated that average housing prices must drop to improve affordability in Canada. Speaking at the House of Commons finance committee, Robertson discussed the Liberal government's affordability legislation. He noted the importance of addressing general market prices rather than individual property values to tackle affordability issues.
What This Means for Canadian Contractors
For Canadian builders, this means potential changes in the market dynamics as affordability legislation might lead to varying demand patterns. Changes in housing prices could impact project funding and timelines, as developers may adjust their strategies to align with new market realities. Builders may need to consider the implications on their supply chain and labor costs as efforts to increase affordability gain traction.
