OTTAWA, Ontario – The Canadian Mortgage and Housing Corporation (CMHC) issued a revised report projecting the need for constructing an additional 3.5 million by 2030 to “reach an adequate level of affordability.”
“Last year, we estimated that an additional 3.5 million housing units beyond what we projected would be built anyway under our ‘business-as-usual’ scenario would be needed by 2030 to reach this affordability target,” the 2023 report states. “This year, in our baseline economic and demographic scenario, we’re still projecting 3.5 million additional housing units will be needed. However, the size of the supply gap has changed across provinces. In some, like Ontario, lower projected growth in income per household will lower demand for housing. In others, like Quebec and Alberta, we project growth in incomes will rise proportionately more. As a result, more housing will be needed.”
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