To reach affordability, 3.5M more homes need to be built by 2030: CMHC
BNN Bloomberg
The Canada Mortgage and Housing 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.
"Increasing supply will be difficult. Critically, increasing supply takes time because the time to construct is significant, but so is the time to progress through government approval processes," the report reads. "This delay means that we must act today to achieve affordability by 2030."
If current rates of new construction continue, CMHC said the country's housing stock is expected to increase by 2.3 million units by 2030, reaching close to 19 million units total. But in order to achieve affordability for all Canadians, the agency said an additional 3.5 million homes are needed.
