ÐÇ¿Õ´«Ã½

Skip to main content

Canada needs to build 1.3M additional homes by 2030 to close housing gap, says PBO

The PBO says Canada needs to build 1.3 million homes by 2030 to eliminate gap between demand and supply. (Adrian Wyld/The Canadian Press) The PBO says Canada needs to build 1.3 million homes by 2030 to eliminate gap between demand and supply. (Adrian Wyld/The Canadian Press)
Share

The parliamentary budget officer (PBO) 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. 

The report by Yves Giroux also accounts for the number of additional households that would form if sufficient housing were available. 

Based on those benchmarks, the PBO estimates that Canada would need to build 181,000 more homes a year than it currently does. 

The report does not take into account recent federal efforts to bolster housing supply or Ottawa's newly imposed cap on temporary residents.

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.

Giroux says his estimate is much lower than that of the CMHC because he looked solely at closing the gap between demand and supply.

The Liberal government has made a string of housing announcements ahead of the federal budget, largely aimed at increasing housing supply.

The proposed measures include billions of dollars in low-cost loans to spur more rental construction, as well as infrastructure funding for provinces and municipalities.

The government is trying to win back favour with young voters who are increasingly pessimistic about their homeownership prospects and are facing skyrocketing rental costs.  

This report by The Canadian Press was first published April 11, 2024

IN DEPTH

Opinion

opinion

opinion Don Martin: Gusher of Liberal spending won't put out the fire in this dumpster

A Hail Mary rehash of the greatest hits from the Trudeau government’s three-week travelling pony-show, the 2024 federal budget takes aim at reversing the party’s popularity plunge in the under-40 set, writes political columnist Don Martin. But will it work before the next election?

opinion

opinion Don Martin: How a beer break may have doomed the carbon tax hike

When the Liberal government chopped a planned beer excise tax hike to two per cent from 4.5 per cent and froze future increases until after the next election, says political columnist Don Martin, it almost guaranteed a similar carbon tax move in the offing.

CTVNews.ca ÐÇ¿Õ´«Ã½

BREAKING

BREAKING

Three men were injured after a man armed with a knife entered a Montreal-area Islamic cultural centre Friday afternoon.

A 15-year-old boy who was the subject of an emergency alert in New Brunswick has been arrested.

Police have arrested an 18-year-old woman who allegedly stole a Porche and then ran over its owner in an incident that was captured on video.

Since she was a young girl growing up in Vancouver, Ginny Lam says her mom Yat Hei Law made it very clear she favoured her son William, because he was her male heir.

The parents of a teenager who died after allegedly consuming the poisonous products of a Mississauga man are now suing him, as well as several doctors involved in her care.

The search for a missing six-year-old boy in Shamattawa is continuing Friday as RCMP hope recent tips can help lead to a happy conclusion.

Local Spotlight

Getting a photograph of a rainbow? Common. Getting a photo of a lightning strike? Rare. Getting a photo of both at the same time? Extremely rare, but it happened to a Manitoba photographer this week.

They say a dog is a man’s best friend. In the case of Darren Cropper, from Bonfield, Ont., his three-year-old Siberian husky and golden retriever mix named Bear literally saved his life.

A growing group of brides and wedding photographers from across the province say they have been taken for tens of thousands of dollars by a Barrie, Ont. wedding photographer.

Paleontologists from the Royal B.C. Museum have uncovered "a trove of extraordinary fossils" high in the mountains of northern B.C., the museum announced Thursday.

The search for a missing ancient 28-year-old chocolate donkey ended with a tragic discovery Wednesday.

The Royal Canadian Mounted Police is celebrating an important milestone in the organization's history: 50 years since the first women joined the force.

It's been a whirlwind of joyful events for a northern Ontario couple who just welcomed a baby into their family and won the $70 million Lotto Max jackpot last month.

A Good Samaritan in New Brunswick has replaced a man's stolen bottle cart so he can continue to collect cans and bottles in his Moncton neighbourhood.

David Krumholtz, known for roles like Bernard the Elf in The Santa Clause and physicist Isidor Rabi in Oppenheimer, has spent the latter part of his summer filming horror flick Altar in Winnipeg. He says Winnipeg is the most movie-savvy town he's ever been in.

Stay Connected