Lack of housing supply is an ongoing challenge for Canadians. To address this, Canada Mortgage and Housing Corporation (CMHC) has shown the country needs to double housing starts over the next decade. Meeting this goal of increased supply will require boosting productivity in residential construction and building smarter and faster.
Today, CMHC announced it is expanding its mortgage loan insurance offering to include more options for prefabricated and modular homes.
Prefabricated homes can be built faster and more efficiently than traditional on-site construction methods. This reduces building timelines and potentially costs for both the homebuilder and homeowner, helping to address the affordability and housing shortage challenges faced by Canadians.