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Canada needs another 1.3M homes by 2030 to solve supply and demand gap: PBO

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Housing Crisis News

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The Parliamentary Budget Officer said in a report released Thursday that it will take building a total of about 3.1 million homes to solve Canada's housing gap.

Canada will need to build roughly 1.3 million more new homes than are currently projected to eliminate the gap between

Canada has been averaging 188,000 new housing units annually since 2015, the report notes. Looking forward, the budget watchdog expects that will grow to about 255,000 annually to a total of 1.8 million housing completions in Canada by 2030.The report says closing the housing gap would require a total of 3.1 million units to be completed by 2030, or an average of 426,000 units a year.

The report defines a household as “a person or a group of persons who occupy a private dwelling and do not have a usual place of residence elsewhere in Canada.”The report predicts that household formation will continue to outpace home completions from now until 2030, meaning that there are more families in need of homes than there are units available. On average, there are 255,000 units available for 272,000 households annually.The total vacancy rate in Canada also reached a record low of 5.

Source: Real Estate Daily Report (realestatedailyreport.net)

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