Housing supply is critical in order to address the highest expense directly affecting the cost of living in our region and across Canada. With demand growing due to increases to our population, the challenge of our time is to ensure homes are accessible and affordable for everyone needed to help our community prosper.
"It's fundamental economics. A limited supply results in increased demand, which tends to increase costs," Chamber CEO Bruce Williams said. "We need a concerted effort from all levels of government to support builders who need an adequate workforce as well as access to materials and land needed to build more homes."
Some progress is being made. Canada Mortgage and Housing Corp. recently reported that urban housing starts increased in July compared to June.
“Historically elevated levels of housing starts activity continue in Canada, which have been well above 200,000 units since 2020,” said Aled Ab Iorwerth, CMHC's Deputy Chief Economist.