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Report says 3.5 million homes needed in Canada by 2030

9/13/2023

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A report released Wednesday morning offers a tangible take on how many new homes need to be built in Canada to restore affordability.

The Canadian Mortgage and Housing Corporation said that the slowing economy and growing population have changed the forecast for where housing is most needed.

We need about 3.5 million new homes by the end of the decade, with BC and Ontario dealing with the largest gaps between supply and demand. The predicted shortfall has grown since last year as the CMHC forecasts a slowing economy, tougher financing climate and stretched labour force will result in less construction.

"For British Columbia, higher estimated household numbers in 2030 and slightly lower estimated income per household lead to a relatively neutral impact on overall demand," the report states. "Still, the supply gap increases because of a lower projected number of housing units that will be built."

The CMHC said its analysis shows the importance of modelling demographic changes as well as economic conditions when planning policies to increase housing supply.
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  • Membership
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    • Benefits, Discounts & Savings >
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    • Member Login
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    • Signature Events >
      • Business Awards >
        • 2023 Business Awards
      • Picnic in the Park
      • Business Hall of Fame
    • Event Calendar >
      • Chamber Events
      • Community Events
    • Small Business Month
    • Event Photos 2023
    • Sponsorship
  • News & Advocacy
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    • Advocacy / Wins for Business >
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      • Business Property Taxes
      • Advocacy Priorities
    • Chamber Chats
    • In the News >
      • Published Op-Eds
      • Media Releases
    • Non-market housing
    • Find and keep workers
    • Business Matters Magazine
    • COVID-19
  • The Chamber 1863
    • 1863-Indigenous
    • 1863-Early Chamber
    • 1863-History Events
    • 1863-Booms and Busts
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