Supply gap in Alberta has swelled from 20,000 to 130,000
A huge gap of 3.5-million homes remains between the number Canada is on pace to build and the number needed to
With home ownership out of reach for many Canadians as prices have soared, particularly in cities such as Vancouver and Toronto, Canada’s housing agency has been studying what it would take to return affordability to 2004 levels in a series of reports released since June 2022. As a result, the housing supply gap in Ontario is now estimated to have been shaved to 1.5 million homes compared to the 1.85 million projected in 2022. In Alberta, by contrast, the housing supply gap is now projected at 130,000, up from just 20,000. Quebec’s housing supply gap is also expected to swell to 860,000 from 620,000.
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Housing supply picture improving but Canada still needs 3.5M more new homes by 2030, CMHC saysCanada Mortgage and Housing Corporation says the projected housing supply gap has shrunk slightly from last year, but that Canada still needs to build about 3.5 million more houses by 2030 above and beyond what is currently planned in order to restore affordability.
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