Prime Minister Justin Trudeau’s goal of building nearly four million new homes by 2031 is threatened by a slump in the construction sector, with residential building construction dropping by 2.3%—the largest decline since May 2023. This downturn, highlighted in a recent GDP report by Statistics Canada, contrasts with a modest 0.3% rise in Canada’s real GDP in April. Despite early 2024 recovery signs, the sector remains 24% below its April 2021 peak, complicating the government’s housing supply pledge. The Canadian Urban Institute estimates the required infrastructure investment at $750 billion, while the Canada Mortgage and Housing Corporation states 5.8 million new homes are needed. With current housing starts falling short, substantial escalation in construction activity and financial commitment is critical.

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