Housing stock grew faster than population in Vancouver and Toronto, StatsCan finds
A lack of supply has been identified as one of the main culprits behind the rising cost of housing, which has priced many out of Canada’s biggest cities. Last year, a report from the CMHC found the country needed more than 3.5 million additional new housing units by 2030 to restore affordability.
“A previous release from the CHSP indicated that in some urban markets, such as Toronto, densification has produced a high number of large housing structures ,” CHSP said in the report. “In others, like Vancouver, more concentrated forms of density have emerged, such as single-detached houses with secondary suites or laneway units, duplexes, or triplexes. Therefore, the modest number of such new properties in Toronto is not proportional to the number of dwellings added to the stock.
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