Canada Needs More Homes to Sustain Affordability

As someone who works every day in places like North Vancouver, Burnaby South, and Vancouver West, I see firsthand how the pace of new home construction shapes affordability in our communities. While we’ve recently seen some improvement in affordability, that progress is at risk as ownership housing starts slow down. Recent data shows that Canada needs between 417,000 and 469,000 new housing starts each year to get back to pre-pandemic affordability by 2036—but we’re not closing that supply gap yet. Most of the new homes being built are rentals, while fewer ownership options are coming to market. Even though a slower population increase has helped a little with affordability, the fact is that construction is slowing down more quickly than demand. If demand picks up again and we haven’t kept pace with building, the shortage could be even more challenging. Keeping ownership-oriented construction moving is the key to ensuring everyone has a fair shot at homeownership in the years ahead.