London Inc. May 2024 - 9

cost and quality control. "
A shift towards more factory-built construction makes
sense, but only if the right environment can be created. There
are many benefits to factory-built homes, but factories require
high capital investment, high overhead, a steady workforce
and steady throughput - risks that need to be mitigated.
" Ideally governments could reduce or derisk the investments
by facilitating consistent long-term production demand
and having available low interest loans with repayment terms
tied to production, " says Wastell. " This would help unlock the
critical capacity needed to substantiate investment, allowing
factories to scale and meet rising demand. "
There are additional barriers that need to be overcome
before moving the needle on modular construction in a significant
way, including the availability of financing, addressing
transportation restrictions and code and approval standardizations,
and the CHBA is currently conducting research,
gathering data and working with governments to overcome
those hurdles. As Wastell sums up, while there are challenges
associated with swiftly expanding the modular industry, there
is also huge opportunity. " At all levels of government, there
must be efforts to maximize the benefits of modular and
factory-built homes when making policy to unlock the full
potential of modular and factory-built homes. "
Dream. Plan. Build.
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MAY 2024 | Signature Homes & Renovations | 9
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London Inc. May 2024

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