The report, funded by the Canada Infrastructure Bank, estimated the average cost of infrastructure needed to support housing likely exceeds $100,000 for each newly built home. That includes funding for resources such as public transit, roads, water lines, schools, fire halls or recreational facilities.
"We need to be conscious of the fact the infrastructure has to be put in place. Without the infrastructure, all the efforts we're making to accelerate housing production will not come to fruition." Canadian Urban Institute CEO Mary W. Rowe cautioned there's"no silver bullet" to achieving the goals outlined in the report.
While some new housing will benefit from pre-existing infrastructure, the report said there are barriers to financing newly required projects. It proposed multiple alternatives, such as moving away from requiring pre-paid development charges to an approach that provides secured payments over the lifetime of the asset.
Source: Real Estate Daily Report (realestatedailyreport.net)
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