Canada needs to build 1.3M additional homes by 2030 to close housing gap, says PBO
Canada needs to build 1.3M additional homes by 2030 to close housing gap, says PBO
OTTAWA - The parliamentary budget officer says Canada would need to build 1.3 million additional homes by 2030 to eliminate the country's housing gap.
The parliamentary budget officer says Canada would need to build 1.3 million additional homes by 2030 to eliminate the country's housing gap.
The newly released report looks at how many more homes would need to be built restore Canada's vacancy rate to the historical average.
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The Canadian Mortgage and Housing Corp. says Canada needs to build 3.5 million more homes by 2030 to restore affordability to 2003-04 levels.
That's an interesting difference. The PBO report just looks at improving the vacancy rate, while CMHC's is about affordability.
I know folks who bought around 2003 for $350k. Comparable houses in their neighborhood are around $1.2m. I have a really hard time seeing a drop of that magnitude.
That's how many need to be built, there is no reality in which we could build that many. There simply aren't enough construction workers, materials, land, or political will.
Other reply is correct. At best we can build 200-300k homes annually.
There's no possible way we can reach the 3.5m target
But why are we building only single family homes?
We need fourplexes, we need multi-generational homes, and low rise residential 4-5 floors in height. We need self sufficient communities with transit and less car centric developments.
Our suburban developments as they are currently being constructed are so inefficient in usage of space. Especially since 50% of the land is paved, and subsidized.
"We" aren't only building single family homes.
In Greater Victoria for example, more than 75% of all new units in the last 5 years have been multi-family dwellings.
It's likely very similar in other cities.
Results will vary based on the city. My home town seems to finally be infilling some density near major roadways and shopping centers. Othe cities just keep expanding outwards (my hometown included, for every new multi unit there seems to be a whole block of new SFH).
Look at Onterrible under the Ford Dictatorship. We're fucked over here.
Ford tried to destroy the Green Belt so his rich developer friends could profit by building exclusively single family dwellings.
And when he got caught doing shady shit all the developers got their money back from all the crown land they bought under the pretense of them being able to build on em
Is there a way that I can place a bet and win money if that doesn’t happen?
Buying real estate.
F
And, you know, while at it, why not built as green as possible? That def means no suburbs, that much land & roads, and building techniques that aren't meant to last just some decades?
We aren't living in the sci-fi society of tomorrow because we keep building stuff from a century ago.
Every year, we are going to see a similar study and, every year, the numbers will get bigger.
For the 500 thousand new Canadians each year, we have been building 200 thousand homes.
3 years from now, we will be another million homes behind.
Try 1.3M a year. That's been the pace.
Should you guys clamp down on your immigration policy until you get the housing situation under control?
That is certainly what the housing math suggests.
However, there is another formula as well. There are more Canadians retiring than there are being added to the workforce and Canada has free healthcare and a fairly generous government pension. Every year, the ratio of employed taxpayers to retirees gets worse.
So what is Canada doing about the demographic problem? Ramping up immigration.
So what happens if Canada cuts the rate of immigration? Higher taxes and / or more government debt.
What problem does increased immigration cause? Unaffordable housing.
In terms of politics, old people are not going to vote for fewer government services and home owners are not going to vote to lower property values. Each group is more than 50% of the population. Canada is a democracy.
No easy answers.
"Sorry, best we can do bribing developers and some boutique tax- and banking-code changes that favour people who already have money!"
They needed them by 2020 actually.
is that realistic? seems unrealistic for 6 years
We need a national program to build walkable, dense and transit oriented New Towns: https://en.wikipedia.org/wiki/New_towns_in_the_United_Kingdom
I know it's a real issue, I just find this statement funny:
"The newly released report looks at how many more homes would need to be built restore Canada's vacancy rate to the historical average."
We need more homes to be empty!
Makes sense, you want homes empty and prepared for people to move into rather than full and waiting for the house to be built before you can sell it to someone needing one.
Sounds like a great time to be a carpenter!