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Residential Housing Starts Contribution to Canada’s Economy

Blaine Mitton • May 21, 2020

Housing starts contribute a great deal to Canada’s economy and have been stagnate for many years even though we bring in between 250,000 and 300,000 immigrants per year.

However, to look at a little history, the Residential Building Industry in 1978 hit an all-time high in Housing Starts Building 291,000 units, when interest rates were 7% to 9% and the population was only 24,000,000 people.

Now take a look at today, 40 years later, Housing Starts, on a good day, are running at 210,000 units with a population of 38,000,000, and a Mortgage Interest Rate of approximately 2%.

We should have building starts in the neighborhood of 375,000 Building starts. Think of what this would do for employment and the growth of the economy. 

Don’t forget, Building Construction adds not only construction jobs, but manufacturing jobs like appliances, and furniture, lighting and electrical products, carpets, and flooring, roofing, all the components that go into a home.

Governments have Restricted Residential Development through Development Charges, Bureaucracy, and Regulations, resulting in Years to Develop a Project and Increased Financial Risk. They have starved our communities.

These Regulatory Restrictions have created scores of additional public servants and untold costs.
This has driven the price of real estate sky high and out of sight for most new home buyers.
In a country the size of Canada, this is unforgiveable.

We have let Government run amuck!! Think of what building an additional 165,000 homes could do for our economy, and the affordability of housing?

The Industries that will create the most Growth the Fastest are as follows:

  • Pipelines, both Oil and LNG, and Mining, or Natural Resource Industries, provide Value.
  • Manufacturing, reduce their Taxes so they can Compete in the world, Government receives Income Tax and HST Tax from the Employees and Jobs Created.
  • Construction, both Residential and Commercial.
  • Other industries, as listed above support and complement these industries

Provincial Governments have restricted Residential Construction, through Regulation and the Zoning Approval Process, which can take up to 7 years. And who can risk capital for that length of time.

These Industries Create Well Paying Jobs, Creating Real Value, Profits, and Expand Credit
We need to understand what will grow Canada’s Economy in the most effective manner.

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