Canada on pace to build fewer — not more — homes by 2030 target: CMHC

However, if current immigration trends continue to 2030, the projected shortfall in housing units could be as high as four million homes, CMHC said.

The report has said Canada is projected to build fewer, not more, new homes by 2030. Last year, CMHC said there would be 18.58 million new housing units by 2030; this year, that projection is down to 18.19 million.

“This report again highlights the crucial role of increasing housing supply if the goal is to make housing affordable for everyone in Canada. It also demonstrates the importance of examining both economic and demographic variables given the recent changes that have been experienced in both,” Aled ab Iorwerth, deputy chief economist at CMHC, said in the report.

It said despite high immigration levels, “the number of households in the country won’t be significantly higher in 2030 than last year’s projection.” The report added that Canada’s population growth rate is set to fall after 2025, when the current immigration policy comes to an end and Canada sets new immigration targets. Currently, the federal government aims to welcome 500,000 new permanent residents to the country in 2025. |Read more https://globalnews.ca/news/9957565/canada-housing-supply-cmhc-september-report/|

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