Canada needs 3.5 million more homes to be built by the end of the decade before housing becomes affordable again, a new report says.
The report, published by the Canada Mortgage and Housing Corporation (CMHC) Thursday, says Canada’s approach to housing supply needs to be rethought before housing costs can reach a level where average households spend not more than 40 percent of their disposable income on shelter.
“There must be a drastic transformation of the housing sector, including government policies and processes, and an ‘all-hands-on-deck’ approach to increasing the supply of housing to meet demand,” said CMHC deputy chief economist Aled ab Iorwerth in a statement, released on the same day as the report….
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