Canada needs up to 4.69 million new homes by 2036, but construction could slow: CMHC
CMHC says Canada’s housing supply gap has narrowed slightly, but the country still needs 417,000 to 469,000 new homes annually — up to nearly 4.7 million over the next decade — to restore pre-pandemic affordability by 2036. Housing construction is instead on pace for about 231,000 units a year, with high building costs, difficult financing and weak condominium markets expected to slow development even as population growth and demand recover. Regional trends vary, with Calgary’s gap nearly cut in half and Toronto’s narrowing, while Montreal and Ottawa have seen their gaps grow. CMHC warns that Ottawa’s housing demand is expected to outpace supply despite strong construction.
