Good afternoon. I am the president of the association, and a builder and developer from Toronto. I'll lead off and then pass the mic over to Kevin.
Our industry has been a major source of stability for Canada's economy over the last decade, and this needs to continue. Residential construction supported over one million jobs, paid $58 billion in wages, and generated over $128 billion in economic activity in 2015, including over $41 billion in government revenues.
Home building and renovation is a vital part of every community, large and small, and coast to coast. An effective housing policy is key to supporting Canadian businesses and communities, and to achieving inclusive economic growth. To do this, we need to address a number of challenges. We must improve housing affordability for those in the middle class and those who aspire to join it. We must reduce greenhouse gas emissions through energy retrofits, while curbing the underground economy. We must encourage and support those pursuing skilled jobs in our industry and the R and D that will bring innovation and increase productivity. We must ensure that federal infrastructure and transit investment support housing affordability and the development of complete and inclusive communities.
Today I want to focus on the most pressing issue facing our industry, facing Canadians, and facing the government, and that's housing affordability. I see the real impact of this every day in my business, as young families realize that the modest home they dream of owning is simply beyond their financial reach. Hard-working Canadians, especially our young people, must have the same opportunity to fulfill their dreams of home ownership as previous generations. While our homes provide shelter and connect us with our communities, they also account for more than $4 trillion of Canadian equity, and $3 trillion of that is owned outright.
CHB is pleased that the Minister of Finance, and the Minister of Families, Children and Social Development are looking closely at housing markets to determine the true causes of house price escalation in our largest cities. Understanding the complexities involved is essential for smart and effective policy that avoids destabilizing markets.
It is critical to recognize that, in the face of growing demand for housing, many current government policies limit supply and drive up prices in other ways. It is encouraging that the federal ministers are seeking the collaboration and involvement of municipal and provincial governments, and such three-way collaboration is the only route to real solutions in the country.
Kevin will now outline the specific actions.