The Canadian Mortgage and Housing Corporation (CMHC) published a report on Canada’s housing supply shortages and affordability crisis.
A few takeaways from this CMHC report:
“To restore affordability, we need 3.5 million additional housing units beyond current projections!” (5.8 million new homes by 2030)
“Governments help by subsidizing housing costs for low-income Canadians. But achieving housing affordability for everyone in Canada will be done with increasing supply in the rental and
homeownership market, and having this supply respond more quickly to greater demand. Developers must become more productive and make full use of land holdings to build more housing while governments must make regulatory systems faster and more efficient.”
“We need to take drastic measures now to produce more housing—not more reports.” (as read in a report 🤣)
“…two-thirds of the supply gap is found in Ontario and British Columbia”
“There are significant barriers to achieving this quantity of supply. Currently, skills shortages and supply-chain challenges are pushing up construction costs—meaning it can take more
time to build.”
