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 But labour shortages and outdated construction practices are also causing bottlenecks.
"We have an industrial strategy for everything from lentils to aerospace, but we don't have one for housing construction, despite the fact that it's such a large portion of our economy — and it's going to be absolutely needed," said Mike Moffatt, senior director of policy and innovation at the Smart Prosperity Institute.
"And there are obviously productivity gains that we need to make as well to help build more houses and not need as many people."
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