CIBC deputy chief economist Benjamin Tal suggests that Canada's actual increase in housing demand is far higher than official estimates
that an additional 3.5 million housing units needed to be built by 2030 to achieve affordable housing for everyone living in Canada. That’s on top of the 2.3 million units it expected to be built by that time at current rates of construction.
Tal argues that it’s not the number of new immigrants that should be used to calculate housing demand, but the number of new people coming into the country from abroad. And these numbers, he says, have been vastly underestimated. “Statistics Canada’s population forecast has underestimated NPRs over many years and by no less than 1000,000 in 2022,” he said.
Altogether, permanent and non-permanent residents arriving from outside the country in 2022 approached 955,000 which represents “an unprecedented swing in housing demand in a single year that is currently not fully reflected in official figures,” said Tal.
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