Canada must double home construction over 10 years for affordability: CMHC
Global News
The Canada Mortgage and Housing Corp. says the goal to reach 2004-level affordability is no longer possible, but it is achievable to hit 2019 levels.
Canada’s housing agency says home construction in the country will need to double within the next 10 years if affordability levels are to reach what was last seen in 2019.
The Canada Mortgage and Housing Corp. (CMHC) said up to 4.8 million new homes will need to be built by 2035, with its latest supply gaps estimate report showing between 430,000 and 480,000 housing units are needed annually — far more than projections by the CMHC of 245,000 starts each year.
“Tackling this housing affordability challenge is enormous, it’s absolutely critical to increase housing supply,” said Aled ab Iorwerth, CMHC deputy chief economist.
Ab Iorwerth said, during a podcast published by the agency, that doubling the pace of construction was achievable but it would require a “significantly larger and modernized workforce,” as well as more investment from the private sector, fewer delays and less regulation.
Earlier this week, the CMHC said housing starts in May edged down 0.2 per cent compared to April, with 279,510 units.
The report, released Thursday, stated that restoring affordability levels that were last seen in 2004 was “no longer realistic.”
That goal was laid out in 2023, when the agency estimated Canada would need to build an added 3.5 million housing units by 2030, in addition to the 2.3 million projected to be built by that year.
But the post-COVID-19 surge in housing costs “changed Canada’s affordability landscape,” and challenges being seen in places like Toronto and Vancouver — already ongoing for decades — would take more time to tackle.
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