Over the last 20 years in Canada, housing supply has not responded to demand, especially in some of the country’s large urban areas, resulting in the loss of affordability. Canada Mortgage and Housing Corporation’s (CMHC) aspiration is that by 2030 everyone in Canada has a home they can afford and meets their needs. Understanding and addressing Canada’s housing affordability challenge is integral to meeting this challenge.
CMHC’s report, Canada’s Housing Supply Shortages: Estimating what is needed to solve Canada’s housing affordability crisis by 2030, takes initial steps to estimate how much additional housing supply is required to restore affordability by 2030. The report looks at the housing supply gap relative to the state of housing affordability for the entire housing system, with particular focus on the four largest provinces of Ontario, Quebec, British Columbia, and Alberta, while providing results for all ten provinces.
This analysis looks at the problem caused by the lack of housing supply but does not seek to address all the complex issues that impact housing affordability. Alternative approaches to curb demand are not explored in this report. This is just one of several reports that we will be publishing in the future to deepen our understanding and close our knowledge gaps on Canada’s housing affordability issues.