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OTTAWA \u2014 The Canada Mortgage and Housing Corporation (CMHC) has repeatedly stated the country needs\u00a0to double housing starts<\/a>\u00a0over the next decade.<\/p>\n In order to do so, some new ways of building must be explored.<\/p>\n To foster this, the CMHC has announced it is expanding its mortgage loan insurance offering to include more options for prefabricated and modular homes.<\/p>\n \u201cPrefabricated homes can be built faster and more efficiently than traditional onsite construction methods,\u201d explains a release. \u201cThis reduces building timelines and potentially costs for both the homebuilder and homeowner, helping to address the affordability and housing shortage challenges faced by Canadians.\u201d<\/p>\n Through the new CMHC Prefab Plus, homebuyers can purchase a factory-built home with a minimum down payment of five per cent and access CMHC-insured financing for their mortgage. The homebuyer can also receive funds in up to four stages (known as draws) as construction milestones are met, rather than in one lump sum.<\/p>\n This announcement from the CMHC follows a pilot initiative, which saw insured financing provided for more than 800 new rental homes leveraging modular construction across five provinces.<\/p>\n The initiative included 605 Studio West in Calgary<\/a>, an 84-unit affordable housing complex developed by Attainable Homes Calgary (AHC).<\/p>\n AHC is a non-profit social enterprise owned by the City of Calgary focusing on improving housing affordability through the\u00a0development of\u00a0city-owned land.\u00a0Modular construction allowed 605 Studio West to be built and occupied in under one year<\/a>.<\/p>\n<\/p><\/div>\n