۴ý

Business

    • 'We need to get a lot of stuff built': CMHC finds Canada still short 3.5M housing units for 2030

    Share

    Canada still needs another 3.5 million housing units by 2030 on top of what it's on track to build by that point, a new report says.

    But an economist for the Canada Mortgage and Housing Corp. (CMHC), which authored the report, says this goal may not even be attainable.

    The CMHC to another report it released in June 2022 on .

    The CMHC says it still projects that the country would need approximately another 3.5 million housing units in order to meet 2004 levels of affordability, or the share of after-tax income that a household with an average income would need to buy an average home.

    "We need to get a lot of stuff built," CMHC deputy chief economist Aled ab Iorwerth said Wednesday on .

    While this "housing supply gap" remains relatively unchanged, the CMHC writes that the size of the gap has changed across provinces, with Ontario expected to have lower household income growth and, therefore, a reduced demand for housing. The opposite, meanwhile, is expected in Quebec and Alberta.

    Iorwerth said the debate now is "not so much whether we increase supply, but how do we do it quickly."

    But asked if he believed building another 3.5 million housing units by 2030 is possible, Iorwerth responded, "No, but it's the right question to ask."

    "Housing affordability is a clear problem for all Canadians, but it's going to take a lot of time, a lot of effort, a lot of policy innovation, a lot of innovation by the business sector to fix it," he said.

    "The problem is not going away. Responding to it, it's going to take time, but I think this is clearly now a priority for all Canadians."

    Appearing on CTV's Power Play on Wednesday, Housing Minister Sean Fraser also responded to the CMHC report on the supply gap of 3.5 million units.

    "Look, that's my goal," he said. "I should say that some of the measures that we're working on now we'll have to further refine to understand the precise impact that they're going to have. But I have no interest in stopping short of solving Canada's national housing crisis and restoring a level of affordability that allows ordinary people to be able to find a place that they can actually afford."

    Asked whether he believed building another 3.5 million units was even possible, Fraser said," I don't believe that it's impossible, I believe it will be difficult."

    While immigration to Canada is currently higher than forecast, the CMHC says the number of households required to achieve affordability will not be significantly higher in 2030 compared to its previous projection.

    Iorwerth said many factors drive up demand for housing, including immigration, but also rising incomes and lower interest rates.

    "The challenge we're facing is the supply … has not been responding for many years," he said.

    "So for whatever reason demand is going up, we need the supply response both to accommodate new immigrants, but also to improve the affordability of housing for Canadians or people who are already here, because we're starting to have a situation with a lot of risks."

    On Wednesday, Prime Minister Justin Trudeau announced a $74-million deal with London, Ont., to fast-track more than 2,000 housing units over the next three years under the federal Housing Accelerator Fund, with thousands more planned in the following years.

    The federal government says this will include high-density development, as well as duplexes, triplexes and small apartment buildings.

    The $4-billion Housing Accelerator Fund aims to create 100,000 new housing units by encouraging municipalities to update their zoning and permit systems to fast track residential construction.

    On the latest CMHC report, Trudeau said, "We're facing a shortage of housing right now and that's why prices of homes have become far too high ... Housing in big cities around the world has already become out of reach for many ... Places like New York, Paris, London, San Francisco, but we're not going to follow those examples."

    With files from ۴ý Senior Digital Parliamentary Reporter Rachel Aiello

    CTVNews.ca Top Stories

    A father and his two children who suffered severe burns in a Springfield, Ont. house fire have undergone surgery.

    Police have confirmed the body of an employee who died at a Walmart in Halifax over the weekend was found in a walk-in oven.

    With the B.C. election too close to call, Dr. Bonnie Henry was asked Tuesday how she feels about the possibility of a party that has repeatedly called for her firing forming government.

    Canada

    • British Columbia's highest court has weighed in on a dispute over an inflatable hot tub a couple set up on their condo's patio – potentially bringing a close to the years-long conflict.

    • A father and his two children who suffered severe burns in a Springfield, Ont. house fire have undergone surgery.

    • Mounties in British Columbia say a second person has been found dead after two vehicles ended up in a river on Vancouver Island when a road washed out amid torrential rains over the weekend.

    • Quebec Premier Francois Legault promised on Tuesday to toughen secularism measures in schools, saying he was 'shocked' by revelations about a Montreal public school where a group of teachers had tried to introduce what the premier described as 'Islamist' beliefs.

    World

    Politics

    Health

    • With the B.C. election too close to call, Dr. Bonnie Henry was asked Tuesday how she feels about the possibility of a party that has repeatedly called for her firing forming government.

    Sci-Tech

    Entertainment

    Business

    Lifestyle

    Sports

    Autos

    Local Spotlight

    Residents of Ottawa's Rideauview neighbourhood say an aggressive wild turkey has become a problem.

    A man who lost his life while trying to rescue people from floodwaters, and a 13-year-old boy who saved his family from a dog attack, are among the Nova Scotians who received a medal for bravery Tuesday.

    A newly minted Winnipegger is hoping a world record attempt will help bring awareness for the need for more pump track facilities in the city.

    A Springfield, Ont. man is being hailed a 'hero' after running into his burning home to save his two infant children.

    Hortense Anglin was the oldest graduate to make her way across the platform at York University's Fall Convocation ceremony this week. At the age of 87, she graduated with an Honours degree in Religious Studies.

    Looking for a scare with good intentions this Halloween season? The ghosts and ghouls of Eganville, Ont. invite families to tour the Haunted Walk at Lekbor Manor.

    The image of a sleepy Saskatchewan small town with 'not a lot going on' is a well-known anecdote. However, one Saskatchewan company is hoping to change that – and allow communities both on and off the beaten path to share their stories and advertise what they have to offer.

    A Moncton, N.B., home has been donated to the Friends of The Moncton Hospital Foundation and will be transformed into a resource hub for people living with cancer.

    A Nova Scotia man crossing Canada on foot is passing through southwestern Ontario. Trevor Redmond is perhaps better known as the ‘Fellow in Yellow.’

    • Two Vancouver city councillors are questioning why they’ve been ousted from city appointed roles.

    • The rain has only just stopped pummelling parts of Metro Vancouver, but for the hundreds of residents left with flood-damaged homes, the nightmare is far from over.

    • Cole Mcleod was home with his roommate in their 21st floor apartment on Monday afternoon when the fire alarm went off in the downtown Vancouver building. Then, he smelled smoke.

    • A motorcyclist has been critically injured in a collision on the Queen Elizabeth Way in Oakville, police say.

    • Police have released video footage of a recent home invasion in Richmond Hill as they search for three outstanding suspects who they say may have returned to the residence the following day to take another vehicle.

    • TTC staff are recommending that the transit service ban lithium-ion-powered mobility devices like e-scooters and e-bikes through the winter months due to the risk of fire in adverse conditions such as salty roads.

    • Alberta Premier Danielle Smith says she's waiting for NDP Leader Naheed Nenshi to declare where he intends to run for office before she calls a byelection in Lethbridge.

    • Bricks along the pathway at Calgary’s Olympic Plaza have been removed and it wasn’t by the city. It appears people are coming to grab bricks with their names, family members’ name or a saying ahead of the plaza closing.

    • More than a decade after Colton Crowshoe's death, the case against his killer continues.

    • Residents of Ottawa's Rideauview neighbourhood say an aggressive wild turkey has become a problem.

    • Passengers on a Via Rail train from Toronto found themselves stuck south of Ottawa for several hours Tuesday because of mechanical issues on the train.

    • Former volunteers with Eastern Ontario Cats (EOC) are working to track cats they say are either dead or missing after allegations of abuse, neglect and falsified medical records surfaced in recent months.

    • Quebec Premier Francois Legault promised on Tuesday to toughen secularism measures in schools, saying he was 'shocked' by revelations about a Montreal public school where a group of teachers had tried to introduce what the premier described as 'Islamist' beliefs.

    • The Quebec government wants to hear Quebecers' thoughts about scrapping the twice-yearly time change, but it isn't promising to act on them.

    • A Montreal borough and Muslim leader are pushing back against the head of the Parti Québécois after he accused a local library of promoting a "religious invasion" by posting a photo of a young girl wearing a hijab for a storytime event.

    • Police are looking for a man and a woman who robbed an Edmonton jewelry store earlier this month.

    • Edmonton Public Schools (EPS) custodians have voted 97 per cent in favour of going on strike.

    • A new commentary suggests the Government of Alberta purposely pushed false narratives around public safety to scale down safe supply in the province.

    • Police have confirmed the body of an employee who died at a Walmart in Halifax over the weekend was found in a walk-in oven.

    • A member of the Nova Scotia Liberal Party is crossing the floor and joining the Progressive Conservatives.

    • Crews responded to a propane leak in Upper Tantallon, N.S., on Tuesday night.

    • Folks making the trek to and from Thompson along Highway 6 are once again without a bathroom break… at least for now.

    • The Manitoba government is restoring the 1:1 apprentice-to-journeyperson ratio.

    • A number of Manitoba communities kicked off the week by breaking decades-old heat records.

    • Saskatchewan's Conflict of Interest Commissioner (COIC) has found that former Saskatchewan Party MLA Gary Grewal violated legislative rules by profiting from hotels while they were party to government contracts.

    • A determined group within Moose Jaw has stepped up to provide assistance to those in need – following the closure of one of the city's shelters.

    • Saturday's matchup between the Saskatchewan Roughriders and Calgary Stampeders could determine if they clinch the West Division title, however the results from Winnipeg's game earlier in the day could make their matchup meaningless.

    • No one was hurt after playground equipment went up in flames at a Kitchener, Ont. park.

    • A bloodstain pattern analyst expert testified Tuesday at Erick Buhr’s second-degree murder trial.

    • At least seven large-scale butter thefts have been reported in Guelph, Ont. over a 10-month period, including two hauls in just the last month.

    • A Saskatoon family is voicing concerns after paying twice as much PST as expected on a recently purchased truck.

    • Hundreds of voter information cards have landed in the wrong hands.

    • A city planning document for the Bus Rapid Transit system (BRT) sparked controversy over the weekend, with three civic election candidates alleging Confederation Mall was at risk of being demolished and replaced with dense housing.

    • Now that the jury has begun deliberating in the Sudbury murder trial of Felicity Altiman, here are some of the interesting courtroom moments they didn't get to hear.

    • Greater Sudbury has ended the employment of CAO Ed Archer, Mayor Paul Lefebvre announced suddenly Tuesday evening

    • After operating for 51 years, General Motors has announced it is closing the Kapuskasing Proving Ground, a facility the automaker used to test the durability of its vehicles in cold weather.

    • A father and his two children who suffered severe burns in a Springfield, Ont. house fire have undergone surgery.

    • A collision between a pickup truck and SUV shuttered the intersection of Base Line and New Road for several hours.

    • A meteor lit up our region's sky last night – with a large fireball shooting across the horizon over Lake Erie at around 7:00 p.m.

    • Emergency crews rushed to the scene of a serious collision in Barrie’s south end involving a passenger vehicle and a motorcycle.

    • A 35-year-old man from Etobicoke is facing impaired driving charges after a crash involving a Ministry of Transportation vehicle parked along Highway 11 south.

    • A fire that caused $2.5 million damage at a newly constructed house in Adjala-Tosorontio early Tuesday morning is being investigated as suspicious.

    • If you live in Windsor, Ont. and get a knock at the door from a political canvasser, it might be surprising since there’s no election on the horizon at the municipal, provincial or federal level. But across the border, that's not the case.

    • ‘Vampire Zombies…from Space!’ and ‘Thundersnake’, two films that are showing at the Windsor International Film Festival (WIFF), were both shot across the city and in the County of Essex.

    • Before the Town of Essex adopts it's new Master Plan for Land Use, staff will work to identify best proper use for future developments across the municipality.

    • Mounties in British Columbia say a second person has been found dead after two vehicles ended up in a river on Vancouver Island when a road washed out amid torrential rains over the weekend.

    • With the B.C. election too close to call, Dr. Bonnie Henry was asked Tuesday how she feels about the possibility of a party that has repeatedly called for her firing forming government.

    • Premier and NDP Leader David Eby says he's been told by the B.C. Green Party that it's too early to begin talks about a minority government agreement after the weekend's still-undecided provincial election.

    • Dave Lindsey began growing giant pumpkins to bring a bit of magic to his grandkids' Halloween.

    • A U.S. District Court judge in Montana has sentenced a 27-year-old man from Kelowna, B.C., to 18 months in prison for using fake names to buy guns with the aim of selling them in Canada.

    • Nearly two years after a man was stabbed to death in downtown Kelowna, RCMP have made an arrest in the case.

    • Alberta Premier Danielle Smith says she's waiting for NDP Leader Naheed Nenshi to declare where he intends to run for office before she calls a byelection in Lethbridge.

    • The health of honeybees will be the focus of a presentation at the University of Lethbridge on Wednesday evening.

    • Alberta is offering infrastructure funding to help municipalities accommodate recent population growth. The province has added a little over 500,000 people over five years, putting pressure on public services.

    • The union representing the fire rangers with the Ministry of Natural Resources says money won’t fix the systemic problems in the workplace.

    • Rallies by a group called Voices Against Violence took place across the country on Monday, including Sault Ste. Marie.

    • An Indigenous group in northwestern Ontario shut down the highway for a couple of hours Monday morning in protest after ancestral remains were found at a construction site.

    N.L.

    Shopping Trends

    The Shopping Trends team is independent of the journalists at ۴ý. We may earn a commission when you use our links to shop. Read about us.

    Stay Connected
    Follow ۴ý