The federal agency had earlier predicted a drop of 5% by the middle of 2023. Read on
In May, CMHC released a comprehensive report that showed new housing starts have struggled to keep up with population growth in some of Canada’s large cities, especially Toronto, making affordability a “significant” challenge.
The CMHC report in June projected that housing stock would increase by 2.3 million units by 2030, reaching close to 19 million housing units, based on rates of new construction at the time. However, that “would need to climb to over 22 million… to achieve affordability for everyone living in Canada,” the report said.
“There’s no doubt that doubling our housing starts is very difficult, but that doesn’t make it any less desirable.”
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