Business View-Oct 2023

22 BUSINESS VIEW MAGAZINE VOLUME 10, ISSUE 10 that these factors have led to a decrease in the number of homes sold in the Edmonton market. To tackle the issue of labor shortages, the provincial organization BILD Alberta has taken proactive steps by establishing a scholarship fund to incentivize individuals interested in pursuing careers in the construction trades. “We’re doing what we can to partner with them, funding scholarships, as well as more proactively trying to promote people in the trades,” Bruno relays. She adds that CHBA at the national level is also working to resolve the labor challenges in the industry. Regarding the financial uncertainty stemming from increased interest rates, she acknowledges, “There has been lots of conversation about how increased interest rates are impacting the ability of people to afford new homes. You can see it in the Edmonton market. So, it’s just about managing those cost pressures, with things that we can control in any way possible.” This includes exploring strategies like constructing smaller units, increasing housing density, and facilitating secondary suites, and garden suites. These approaches aim to offset the rise in mortgage rates by either providing additional income through renters or offering more affordable housing options for the average consumer. When describing the housing inventory in the city, Bruno explains that there has been a significant increase in the construction of apartment and condo buildings. This has been largely facilitated by the MLI Select program through CMHC, which introduced an innovative funding mechanism to promote the development of more affordable housing units, with a focus on affordability, energy efficiency, and accessibility as key criteria for eligibility. However, she maintains that the preference among consumers still leans heavily toward ground-oriented homes. These include townhomes and zero lot line homes, where there is only one side yard, reducing home costs, and offering a