An incredible stat was revealed by Canada Mortgage and Housing Corporation noting that the country has a housing shortage gap of about 3.5 MILLION homes. The federal crown corporation says that this many housing units are needed by 2030 to improve the housing affordability crisis in Canada.
As residents of Metro Vancouver and the Fraser Valley are all too well aware of, the extremes in home prices, due to unaffordability, are especially high in this region.
The unaffordability crisis around housing prices doesn't appear to have any short-term fixes. The problem is massive and it is clearly structural. Will new homes be built cheaper than current ones priced in the market? Not a chance. And where will all the skilled trades and construction workers come from to build these millions of new units? There is already a critical shortage of workers across many industries.
So, unfortunately, high housing prices are likely to perist as we continue to see a steady demand for housing from immigrants and international students. There is simply not enough supply of homes to satisfy the great need.
Watch the BNN video below for more insights or click here for a direct link to the video.