Housing Shortage is Huge: CMHC Report

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.

Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.