On a per-capita basis, housing starts were roughly two-thirds higher at peaks in the 1970s compared with the past three years
A report last week from Toronto -Dominion Bank showed construction productivity in Canada hasn’t improved at all over four decades, after a decline in the past several years. Canada needs a lot more housing – but the construction industry is a sinkhole of stagnant productivity. Devoting more resources to new homes could worsen the country’s already-bleak economic performance., 2021 through 2023, there were more than 773,000 housing starts, the most of any three-year period on record.
For Canada, there’s a twofold importance in improving construction productivity. First, TD observed that the sector is the main reason that the country’s overall productivity is anemic. Second, with the pressing need to build more homes, to alleviate prices to buy and rent, the country needs to get a better return on resources invested in housing. Pouring a lot more money into an underperforming sector of the economy is bad news for Canada’s economic future.
Then there are the many things before construction even happens, from zoning and permits to development taxes on new homes. This is where governments could make a real difference. Some have started to move aggressively toBut other governments are reluctant. In Ontario Premier Doug Ford this year rejected proposals to require cities to allow more housing density around transit and in general.he “doesn’t want to dictate” such details to cities – yet it is city councils that have failed.
B.C.’s decision to legislate higher levels of density across the province is the model to follow. It should help improve construction productivity, by making the planning process for new homes clearer and less reliant on capricious decisions by city councils that too often lean against new housing. Similar reforms in New Zealand helped spur more productive construction, according to afrom economists at the B.C. Real Estate Association.
Building homes doesn’t need to be as complicated as it has become. Governments have started to simplify parts of the process. The construction industry must improve its operations. Successfully building many new homes – and reviving Canada’s lacklustre productivity – depends on it.Kamala Harris puts housing at centre of economic pitch to U.S. voters
Construction Toronto Canada Country Productivity Cmhc Sector Mckinsey British Columbia Alberta
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