Canada Needs 3.5 Million More Homes Than Projected To Restore Affordability

The projected construction of new homes by 2030 won't be enough to solve Canada's supply and affordability issues, the Canada Mortgage and Housing Corp. (CMHC) said in a report Thursday.

In May, CMHC identified supply as “the biggest issue affecting housing affordability,” and that new housing starts have struggled to keep up with the population growth in some of Canada's large cities.

To “restore affordability, Canada will need an additional 3.5 million units” on top of those already in the works, CHMC said Thursday.

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