Subject: CPG
Achieving Housing Affordability by the Next Decade
OTTAWA, ON, Oct. 3, 2023 /CNW/ - In his latest article, Canada Mortgage and Housing Corporation's (CMHC) Deputy Chief Economist, Aled ab Iorwerth, looks at the massive challenge in front of Canada in creating the housing supply we need to achieve affordability, along with the role of the private sector in meeting this challenge.
Canada is known for its vibrant cities, breathtaking landscapes, and diverse culture, making it a desirable place to call home. Unfortunately, parts of Canada are becoming more known for those homes being unaffordable. High housing costs have become obstacles for so many through skyrocketing housing prices over the past decade and severely declining rental options.
We face a crisis of housing affordability that is becoming entrenched. We've needed more housing in Canada for years - in all forms, in every market and for everyone across the housing spectrum, and quickly.
We've said that the housing stock must climb to over 22 million housing units by 2030 to achieve affordability for everyone living in Canada. This translates to an additional 3.5 million new housing units beyond what will be built anyhow. A rough estimate suggests this would amount to an investment of at least $1 trillion.
We need both a range of government policies and investments, and increased participation from the private sector. The scale of the challenge is so large that the private sector must be involved ? governments cannot do this on their own.
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SOURCE Canada Mortgage and Housing Corporation (CMHC)
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