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Canada Facing Severe Housing Shortage, Needs Millions of New Homes

Sathia Kumar

The PBO report highlights the need to restore housing supply to historical levels.

Canada is facing a severe housing shortage. To address this, the Parliamentary Budget Officer (PBO) estimates the country must build an additional 1.3 million homes by 2030. This means constructing 181,000 more homes annually than current rates.

The PBO report highlights the need to restore housing supply to historical levels. It does not, however, factor in recent government initiatives aimed at increasing housing supply.

The Canada Mortgage and Housing Corporation (CMHC) has an even more dire projection, stating 3.5 million homes are needed by 2030 to make housing as affordable as it was in 2003-04.

In response to the crisis, the Liberal government has announced housing measures focused on increasing supply, including low-cost rental construction loans and infrastructure funding. These efforts hope to address growing concerns among young voters who feel priced out of the housing market.

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