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Starts over the next few years will likely weaken and the already-dire supply shortage could get even worse, a release states, adding employment in new residential construction has peaked and will probably fall substantially in the years ahead, adding to the challenge.
The report provides two sets of scenarios. In both, a further weakening of employment and new housing starts continues well into 2025, followed by a slow recovery of the economy and housing activity during 2026 to 2028. By the end of 2028, conditions will not have fully recovered, the release reads. The report notes affordability needs to be returned to prior levels through interest rate decreases and a reduction in government-imposed costs and land prices.
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