Canada Slashes Forecast for Making Housing More Affordable
Canada has significantly downgraded its expectations for improving housing affordability, with a new report stating that even if homebuilding doubles to 480,000 units annually by 2035, it would only restore affordability to 2019 levels. At the current construction rate of about 250,000 units per year, there would be little to no improvement in housing affordability over the next decade. The Canada Mortgage & Housing Corporation now acknowledges that restoring affordability to pre-2000s levels is unrealistic, given persistent high costs, slow construction timelines, and increasing population pressures.
