More work required in ensuring accessibility of funding, according to housing advocates

Federal funding should be made more accessible if municipalities are to sufficiently address housing demand, according to Amy Coady, president of Municipalities Newfoundland and Labrador (MNL).

Coady argued that for the province in particular, a significant share of municipalities simply do not have the resources to apply for federal programs like the Housing Accelerator Fund.

Canada Mortgage and Housing Corporation (CMHC) has previously estimated that the pace of construction in Newfoundland and Labrador falls short by at least 60,000 units to ensure better affordability by 2030.

“That’s a massive number,” Coady told CBC News. "When we look at the members of MNL, 75% of our members are municipalities under 1,000 [people] with probably a half-time clerk.”

“We’re missing out on so many opportunities because we can’t even get the applications completed. These programs are fabulous, but we need these programs to meet us where we are. Not where we need to be.”

Canada Mortgage and Housing Corporation (CMHC) has revised its estimate for new home construction by 2030, projecting 18.2 million housing units, down from the previous estimate of 18.6 million.

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— Canadian Mortgage Professional Magazine (@CMPmagazine) September 18, 2023

Regulatory delays further drive up housing costs

A recent report by CMHC has pointed to red tape as a major contributor to mounting housing costs.

“Long approval times for new developments can make building projects more costly,” it said.

The Crown corporation estimated that an additional 3.5 million new units will need to be built across Canada by 2030 just to restore a measure of affordability.

“While many of the regulations have important socio-economic goals, the extent and suboptimal implementation of these regulations can limit what developers can do and may hold back the development of new housing.”