Since the launch of Canada’s Housing Plan, and the subsequent 2024 Federal Budget, several analysts have questioned the country’s capacity to build 3.87 million new homes by 2031.

While labour shortages remain a barrier to increasing supply, roughly 650,000 workers were building homes in Canada in 2023. This is the most we’ve ever seen! Yet construction activity didn’t keep pace with the growth in dedicated resources.

With the current resources, we should be building between 130,000 and 225,000 more homes each year. This equates to an annual pace of more than 400,000 starts per year.

Reaching this full potential will require structural changes that go far beyond the short term. There are adjustments occurring across the country right now that may help get us closer to this goal, such as changes to regulations at the municipal level. That said, more can and must be done by governments and the industry to achieve greater housing outcomes.

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