Canada's housing crisis continues to worsen, with a staggering 4.4 million affordable homes shortfall, according to Housing Advocate Marie-Josée Houle. Blacklock's Reporter says this stark reality belies the government's ambitious target of building 3.5 million to 3.9 million new homes by 2031, a goal builders deem impossible.Houle emphasized the need for "measurable results, transparency, and data" to address the systemic issues plaguing Canada's housing market. "Today's systemic issues, such as unaffordability and encampments, happen because we don't treat housing as a human right and public good," she testified.Even the lower target, Housing Minister Sean Fraser confidently touted, falls short of addressing the needs of lower-income Canadians, according to Bob Dugan, CMHC chief economist. "The 3.5 million would still leave us in a position where we still have affordability challenges for certain target populations that are lower income," Dugan said.Fraser acknowledged the need for serious government investment to solve Canada's national housing crisis, but builders like Richard Lyall, president of the Residential Construction Council of Ontario, remain skeptical. "We are staring into a pit," Lyall testified, citing high financing costs and development charges as major obstacles.With housing starts averaging only 244,000 annually, far below the required pace, the CMHC estimates a need for an additional 130,000 to 225,000 homes built each year to meet the target. "Reaching this full potential will require structural changes," the CMHC noted.
Canada's housing crisis continues to worsen, with a staggering 4.4 million affordable homes shortfall, according to Housing Advocate Marie-Josée Houle. Blacklock's Reporter says this stark reality belies the government's ambitious target of building 3.5 million to 3.9 million new homes by 2031, a goal builders deem impossible.Houle emphasized the need for "measurable results, transparency, and data" to address the systemic issues plaguing Canada's housing market. "Today's systemic issues, such as unaffordability and encampments, happen because we don't treat housing as a human right and public good," she testified.Even the lower target, Housing Minister Sean Fraser confidently touted, falls short of addressing the needs of lower-income Canadians, according to Bob Dugan, CMHC chief economist. "The 3.5 million would still leave us in a position where we still have affordability challenges for certain target populations that are lower income," Dugan said.Fraser acknowledged the need for serious government investment to solve Canada's national housing crisis, but builders like Richard Lyall, president of the Residential Construction Council of Ontario, remain skeptical. "We are staring into a pit," Lyall testified, citing high financing costs and development charges as major obstacles.With housing starts averaging only 244,000 annually, far below the required pace, the CMHC estimates a need for an additional 130,000 to 225,000 homes built each year to meet the target. "Reaching this full potential will require structural changes," the CMHC noted.
