Canada’s national housing agency, supports factory-built housing
Country needs to double housing starts, next decade
Canada’s national housing agency is widening its support for factory-built housing as policymakers and market participants look for ways to accelerate delivery amid a chronic housing supply shortfall.
Canada Mortgage and Housing Corporation (CMHC) has said the country needs to roughly double housing starts over the next decade to restore affordability. CMHC announced an expansion of its mortgage loan insurance offering to include more options for prefabricated and modular homes.
CMHC Prefab Plus product, homebuyers can purchase a factory-built home with a minimum down payment of 5% and access CMHC‑insured financing for their mortgage. It also allows borrowers to receive funds in up to four stages as construction milestones.
CMHC is moving modular construction from a pilot to a standard feature of its insured lending tools. Modular construction involves building housing units off-site and then transporting and assembling them on the final property.
Following a pilot that provided insured financing for more than 800 new rental homes using modular construction across five provinces. One project highlighted in the pilot is 605 Studio West in Calgary, an 84‑unit affordable housing complex developed by Attainable Homes Calgary (AHC), a nonprofit social enterprise owned by the City of Calgary.
CMHC is committed to expanding access to homeownership and supporting the development of rental supply,” said Coleen Volk, president and CEO of CMHC.
Full Read:
- insurancebusinessmag.com
- https://www.insurancebusinessmag.com/ca/news/property-insurance/canadas-housing-agency-backs-prefab-and-modular-builds-with-expanded-mortgage-insurance-574652.aspx
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