Report Indicates Canada Requires Extended Period of Unprecedented Housing Construction to Address Supply Shortage

Housing Shortage in Canada: A report indicates that Canada faces a significant housing shortage that needs to be addressed over the next decade.

Projected Housing Needs: The Office of the Parliamentary Budget Officer estimates that 690,000 new homes are required by 2035 to close the housing gap.

Annual Construction Requirement: To meet this goal, an average of 65,000 new housing units must be completed each year.

Impact of Immigration: The need for increased construction persists even with a slowdown in immigration rates.