Canada needs 3.5 million more homes than planned to restore affordability, says CMHC — via financialpost RealEstate Economy Canada
The housing authority said two-thirds of the housing supply gap is found in Ontario and British Columbia, provinces that have faced large declines in affordability in recent years.Article content
“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,” CMHC said. “Ownership costs rose in every market we track, though the degree of pain felt by buyers varies dramatically across the country,” he wrote.
A looming price correction will, however, “eventually bringing some relief to buyers,” he wrote, noting that property values are already slipping and are likely to fall more than 10 per cent in the coming year.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Canada needs 3.5 million more homes than planned to restore affordability, says CMHCCMHC says supply is “the biggest issue affecting housing affordability” in Canada
Read more »
Canada needs 3.5 million more homes than projected to restore affordability, says CMHCCanada needs 3.5 million more homes than planned to restore affordability, says CMHC — via financialpost RealEstate Economy Canada
Read more »
Over 22 million housing units needed by 2030 to solve affordability crisis: CMHCA new report from the Canada Mortgage and Housing Corp. says the country's housing stock would need to climb to over 22 million units by 2030 to achieve affordability for everyone living in Canada.
Read more »
Bank of Canada needs more restrictive interest rates to control runaway inflationBeing delicate isn’t the top priority at this stage for the Bank of Canada, as the task of stomping down inflation continues to grow
Read more »
OECD projects the global economy will weaken sharply - where does Canada stand?A recent report by the Organization for Economic Cooperation and Development shows a grim projection of the global economy, torn by the COVID-19 pandemic and Russia’s war against Ukraine.
Read more »
Main Canada-Russia business group banishes Russia from its brand in fallout from Ukraine warNot as visible is the fact the chamber still has a Moscow branch, and Russian companies as members
Read more »