Ontario, Prairies have worst housing deficits in Canada: Scotiabank
BNN Bloomberg
It would come as no surprise to homebuyers that Canada has a structural housing deficit, but according to a new report from Scotiabank, that shortfall is particularly bad in three provinces: Ontario, Alberta and Manitoba.
It would come as no surprise to homebuyers that Canada has a structural housing deficit, but according to a new report from Scotiabank, that shortfall is particularly bad in three provinces: Ontario, Alberta and Manitoba.
“The challenge in Ontario is formidable given the numbers involved,” wrote Jean-Francois Perrault, senior vice president and chief economist at Scotiabank Economics, in a report on Wednesday.
His analysis examined data from 2020, which are the latest available figures.
“For Ontario to have the same level of homes per capita as the average in other provinces, over 650,000 additional housing units would be required," Perrault wrote.
He added that Alberta would need an additional 138,000 homes and Manitoba would require roughly 23,000 units to meet the national average.
The domestic housing supply, adjusted for its population, is also the lowest in the G7, according to Scotiabank.
