The Canada Mortgage and Housing Corp. (CMHC) says 3.5 million more homes need to be built by 2030 to reach affordability.
The agency released a report Thursday explaining the need for a different approach to the housing supply shortage at a time of rising demand and affordability concerns.
Softening housing market conditions and a labour shortage in the construction sector could get in the way of bringing Canada’s housing stock to more than 22 million by 2030, however. The CMHC says achieving housing affordability for everyone in Canada will require developers to become more productive and make full use of land holdings to build more units.
Around 2003 and 2004, an average household would have had to devote close to 40 per cent of their income to buy an average house in Ontario, and close to 45 per cent in British Columbia. As of 2021, that number is close to 60 per cent.
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