CBC News ~ September 13th, 2023
Canada’s national housing agency says progress is being made on building enough housing to fix the country’s affordability gap, but almost 3.5 million new units will still have to be built by the end of the decade, over and above what’s already in the works.
That was the main takeaway from a new report the Canada Mortgage and Housing Corporation published Wednesday, updating its initial assessment from June 2022.
At the time, the housing agency said the country was on track to build about 2.3 million new housing units by 2030. But it calculated that just over 5.8 million new units would be needed by that year to adequately address supply, leaving a gap of roughly 3.52 million new units.
In its update Wednesday, the agency says incremental progress has been made, narrowing the gap slightly, but Canada still needs another 3.45 million new units above and beyond what is currently planned.
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