Canada’s housing affordability crisis will hit even more alarming levels in the coming years without a bold set of policy reforms to boost supply, the economics department at Royal Bank of Canada said Monday in a report.
The country needs to complete roughly 320,000 housing units annually from now until 2030, simply to meet the new demand that will arise over that period, according to RBC estimates. This would amount to an increase of nearly 50 per cent from recent completion levels – and it would require a record pace of construction.
If anything, Canada is moving in the wrong direction. There were around 240,000 housing unit starts in 2023, down from roughly 271,000 in 2021, according to figures from Canada Mortgage and Housing Corp. This doesn’t bode well for completions over the rest of the decade.
In the past few weeks the Liberals have been on blast about their many housing initiatives as if that was going to solve the crisis they created.
All of their grandiose declarations amount to a drop in the bucket.
It’s all bullshit all the time from the Liberals.
Surprise, surprise.
Two days ago, Trudeau was in Alberta, promoting modular construction as a way to solve the housing crisis he created.
He chose NRB Modular Solutions as a backdrop for his press conference. NRB is part of Dexterra Group, a leading support services and… https://t.co/I0bjZycFCE
— Martyupnorth®- Unacceptable Fact Checker (@Martyupnorth_2) April 7, 2024
h/t DS
