Canada Needs Twice the Projected Homes

There’s no denying that Canada’s housing market is facing a substantial challenge: the national housing agency now projects we’ll need between 417,000 and 469,000 new homes each year through 2036 just to get back to pre-pandemic affordability. Yet, current construction plans fall far short—leaving us with a yearly supply gap of 187,000 to 238,000 homes over the next decade. With construction expected to slow more quickly than demand, this poses a real risk to affordability, especially as many active projects are already spoken for. For those navigating the market in areas like North Vancouver, New Westminster, Coquitlam, Burnaby, and Vancouver West, the numbers underscore how critical it is to keep a close eye on supply trends and act strategically. As someone who’s helped buyers and sellers across these communities, I see firsthand how these broader trends shape opportunities and challenges locally. Addressing affordability will require a significant ramp-up in construction—nearly double what’s currently projected—if we want to close the gap in the coming decade.