Canada needs 5.8 million new homes by 2030 to bring prices down to affordable levels, CMHC says
Canada needs an additional 5.8 million homes by the end of the decade to help lower average home costs and ensure households are not spending more than 40 per cent of their disposable income on shelter, according to a new government report.
That target blows past the current projection of 2.3 million new homes by 2030, according to the Canada Mortgage and Housing Corp. report, and would require building of new homes to more than double from current levels.
“There must be a drastic transformation of the housing sector,” said Aled ab Iorwerth, CMHC’s deputy chief economist, adding that an “all-hands-on-deck approach” is needed to ramp up the country’s housing stock.
CMHC reports Canada’s housing starts up 8% in May from April
Although home prices nationally are starting to drop …
More on: www.theglobeandmail.com