Canada’s Housing Affordability Target Shifts as Supply Gap Persists
CMHC estimates Canada must build between 417,000 and 469,000 homes annually—nearly twice the current pace—to restore housing affordability to 2019 levels by 2036. This represents approximately 4.4 million additional homes over the next decade.
Better Dwelling questions the change from CMHC’s earlier goal of restoring affordability to 2004 levels and argues that the revised benchmark lowers expectations for what constitutes affordable housing. The article also notes that 66% of new apartment starts in major cities are purpose-built rentals, while insufficient condominium and ground-oriented construction may limit future homeownership options.
For Nova Scotia, the report reinforces the importance of policies that support sustained construction across all housing types. Rental development remains essential, but a balanced supply of rental and ownership housing is needed to improve affordability over the long term.
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