Our team at ENM Construction Management makes an effort to address this need by developing rental houses that will cater to working professionals and their families in Metro Vancouver. However, the process and cost of developing rental housing in Canada is no easy feat.
International law states that Canada must work on ensuring that every individual in the country has access to adequate and affordable housing. The government of Canada implements specific policies on developing and providing rental housing to its citizens. Here's how the Government of Canada has an impact on rental housing that is developed and built in Vancouver
The demand for family-oriented housing in Greater Vancouver is on the rise. The government, particularly the Canada Mortgage and Housing Corporation (CMHC), recognizes the changes in the supply and demand for rental housing, and are now taking action to provide more housing options to families in the middle-class bracket.
Affordability has been typically assessed using economic fundamentals including price-to-income and price-to-rent ratios. In recent reports, we can see current situations in the rental housing industry in Canada.
✔ An increase in demand for family-oriented housing causes a severe shortage of affordable rentals across urban regions.As cities grow, the requirements for rental construction also increase. New rental house prices reflect land and construction costs and taxes. Knowing which part each level of government plays in housing development is significant in providing renters’ needs.
Canada
Mortgage and Housing Corporation (CMHC)
This
division of the Government of Canada provides mortgage loans to renters and
home buyers. Its primary function is to act as the National Housing Agency,
researching and delivering studies to consumers, businesses, and other
government divisions.
Office of
the Superintendent of Financial Institutions (OSFI)
As an
independent agency, it manages and controls federally-registered banks and
insurers.
Federal
Government
It aims to
protect and build a sustainable community-based housing sector through the
National Housing Strategy. It partners with provinces and territories to
develop the Canada Housing Benefit, a sector designed to meet the local needs
and address the challenge of housing affordability.
Provincial
and Territorial Government
Different departments
in these sectors are involved in the funding and administration of social and
affordable housing. The following are
sample programs administered by these agencies:
Municipal
Government
This sector
is responsible for administering industrial, commercial, and residential zones.
Its task includes handling approval of permits for building or house extension,
among others.
All government levels must ensure that all building and rental house codes adhere to an evidence-based and transparent process following the National Building Code.
Our team at ENM Construction Management has always been true in our commitment to developing the community. Directed by Dan Greenhalgh and Colin Lacey, our team aims to provide every Canadian a safe and affordable home. We make sure that all properties that we develop pass the requirements of each government sector.
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