Canada needs to build 3.2 million new homes in the next 10 years to address the country’s housing shortfall but is not currently on course to achieve this, despite a deceleration in immigration rates, new analysis by the country’s budget watchdog suggests.
A newly released report from the Office of the Parliamentary Budget Officer (PBO) is projecting the number of new home builds will rise in the next three years, but will gradually align with historical averages afterward.
The PBO said it expects an average of 227,000 new homes will be completed annually for the next decade, totalling approximately 2.5 million new builds by 2035. That falls nearly 700,000 builds short of the 3.2 million new homes the report identified as necessary to remedy the housing shortage….