OTTAWA — Canada's national housing agency has warned that millions of homes must be built within less than a decade to balance the housing market, but even it seems doubtful that its own target is achievable. The current pace of housing starts is not just lagging. It's headed in the wrong direction. Last year, the Canada Mortgage and Housing Corp. said 5.8 million homes would need to be built by 2030 to restore housing affordability for Canadians. The current pace of building only puts the count
OTTAWA — Canada's national housing agency has warned that millions of homes must be built within less than a decade to balance the housing market, but even it seems doubtful that its own target is achievable.Last year, the Canada Mortgage and Housing Corp. said 5.8 million homes would need to be built by 2030 to restore housing affordability for Canadians. The current pace of building only puts the country on track to construct 2.3 millions homes by then.
"At the moment, we're projecting that fewer will be built by 2030 than we projected last year," Iowerth said in an interview.In the immediate term, high interest rates are weighing heavily on the construction industry. But labour shortages and outdated construction practices are also causing bottlenecks.
Kevin Lee, the CEO of the Canadian Home Builders' Association, said 20 per cent of the workforce is set to retire over the next decade.Although job vacancies in construction have eased since last year, there were 64,315 vacancies in the first quarter of this year, according to Statistics Canada. Moffatt, who has become a leading voice on housing policy in the country, often mentions his father when talking about how the industry needs to find ways to improve productivity.
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