OTTAWA, April 17, 2024 — With the 2024 federal budget released Tuesday, the Greater Ottawa Home Builders’ Association (GOHBA) commends the initiatives it contains that are aimed at addressing the pressing housing crisis across the nation. As the voice of Ottawa’s housing industry, GOHBA acknowledges the significance of these measures in providing essential support to builders and prospective homeowners in the Nation’s Capital and beyond.

 

The federal government’s commitment to building nearly 3.9 million homes by 2031 underscores the urgent need to address the housing shortage. The measures announced today are essential steps in supporting our community’s housing needs.

 

“Addressing housing affordability and supply requires a multifaceted approach, as it is a complex issue with no singular solution,” said Jason Burggraaf, Executive Director of the Greater Ottawa Home Builders’ Association. “We applaud the federal government for investing in a diverse range of initiatives related to the housing and development industry.”

 

Among the housing-specific initiatives unveiled in the budget are extensions to mortgage amortization for first-time homebuyers and expansions of the Home Buyers’ Plan. Additionally, measures such as increasing the use of factory-built components, like scaling up modular and prefabricated homes, aim to bolster sector capacity, expedite construction timelines, and mitigate labour shortages.

 

In the realm of rental apartment buildings, the budget introduces enhanced tax deductions, expanded GST exemptions, and improved access to low-cost financing and direct loans.

 

Other notable provisions include the conversion of public lands into housing, the previously announced establishment of a Canada Housing Infrastructure Fund, and homeowner incentivization involving low-interest loans of up to $40,000 for homeowners looking to add secondary suites, thereby promoting increased property density.

 

GOHBA applauds the budget’s intention to develop an Industrial Strategy for Homebuilding. GOHBA’s federal counterpart, the Canadian Home Builders’ Association, has a Sector Transition Strategy which outlines how this can unfold and why this type of strategy is necessary to increase productivity.

 

As Ottawa, like other cities, continues to grapple with housing challenges, GOHBA reaffirms its commitment to working alongside policymakers, industry stakeholders, and community partners to implement innovative solutions and create a more inclusive housing market.

 

Media Contact: 

 

For media inquiries please contact:

 

Jason Burggraaf
Executive Director
Greater Ottawa Home Builders’ Association
jason@gohba.ca

 

 

ABOUT THE GREATER OTTAWA HOME BUILDERS’ ASSOCIATION:

The Greater Ottawa Home Builders’ Association has been the proud voice for excellence in the home-building community since 1951 and represents over 415 companies in new home construction and professional renovation. Our industry accounts for 37,000 jobs across Ottawa, with $2.5 billion in wages and $5.0 billion in economic investment. Contact Jason Burggraaf, Executive Director, at jason@gohba.ca.