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Canada Needs to Build 1.3 Million Additional Homes by 2030, Says Parliamentary Budget Officer
Parliamentary Budget Officer (PBO) Yves Giroux emphasized in a new report that Canada needs to build 1.3 million additional homes by 2030 to meet growing demand.
The report highlights that the country needs to build 181,000 more homes per year than it currently does to bring the vacancy rate back to the historical average of 6.9% measured between 2000 and 2019.
Meanwhile, the Canada Mortgage and Housing Corporation (CMHC) stated last September that Canada should build an additional 3.5 million homes by 2030 to restore affordability to 2003-2004 levels.
The new report notes that its estimate of 1.3 million additional homes by 2030 is much lower than that of the CMHC because the document focuses on bridging the gap between supply and demand, without considering affordability.
Even before the federal budget is tabled on April 16, the Liberal government has made several announcements aimed at increasing the supply of housing.
Proposed measures include billions of dollars in low-cost loans to further stimulate the construction of rental housing.