When Bob Dugan surveys the future of Canada’s housing market, he doesn’t see the rosy picture many long for.
“I'm actually worried that affordability is going to deteriorate rather than improve unless we can do something about it,” the chief economist at Canada Mortgage and Housing Corporation told The Canadian Press on Friday.
A year later, the situation looks no better. Some 271,000 homes were built two years ago and roughly 260,000 last year, Dugan said. But demand for these homes is sizable with immigration climbing — Canada's population hit 40 million Friday — and many just want a roof over their head. But purpose-built rentals can be a long-term proposition, in Toronto it can take up to 8.5 years to build one from conception to move-in. Many builders just want to construct something, sell it and move on, so there's less of an incentive to make these properties.
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