While Canada continues to face a housing crunch, the federal housing agency says the pace of new starts slowed in July after a strong June.
The Canada Mortgage and Housing Corporation says millions of new homes are needed to solve this country's persistent housing shortage.
The seasonally adjusted annual rate of housing starts in July came in at 254,966 units, compared with 283,498 the month before.The CMHC's deputy chief economist, Aled ab Iorwerth, said that while the corporation is still working on updated figures for how many homes need to be built to restore affordability, the data isn't encouraging.
Sean Fraser has been made the federal government's new minister for a combined portfolio responsible for housing and infrastructure. "We have an industrial strategy for everything from lentils to aerospace, but we don't have one for housing construction, despite the fact that it's such a large portion of our economy — and it's going to be absolutely needed," said Mike Moffatt, senior director of policy and innovation at the Smart Prosperity Institute.
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