There is only enough labour to build 2.3 million new dwellings by 2030, well shy of the 3.5 million the agency says is needed. Read more.
The Canada Mortgage and Housing Corporation had set the 3.5 million target figure in a report in June, but follow-up research unveiled Thursday found that there will only be enough labour to increase the number of starts in four major provinces — Ontario, Québec, B.C. and Alberta — by 30 to 50 per cent.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.
“Ontario, Québec and B.C. will have to double the number of starts that they can produce under best-case scenarios,” the report found. If current rates of new construction continue, CMHC said the country’s housing stock is expected to increase by just 2.3 million units by 2030, reaching close to 19 million units in total.Article content
CMHC based its measure of capacity on how much the labour force could produce at current wage and skill levels. The agency then used the share of residential construction workers in the population and the minimum number of workers required for a housing unit under construction to come up with an estimate of labour capacity.
Ontario, the only province where projections show more new households than housing starts through to 2030, has the biggest skill shortage.
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