Federal housing minister Ahmed Hussen told a House of Commons committee that the country needs more houses urgently.
“We need more housing supply in Canada,” he told the Public Accounts Committee on May 18. “We have the fastest-growing population in the G7. We have a very low housing supply of all types.”
According to Blacklock’s Reporter, home builders and analysts have asked the government for tax cuts and a reduction in mandatory charges on new home construction to boost supply.
A Canada Mortgage and Housing Corporation (CMHC) report from June 23, 2022, estimated that the rates of building will leave the country with a shortage of some 3,500,000 new homes by 2030, which amounts to more than 440,000 homes a year. New construction is only building an average of around 200,000 new homes per year, less than half of what’s required to meet the demand….