CMHC warns Canada must double housing starts from ~250,000 to 480,000 yearly by 2035 to meet demand and improve affordability.
Major obstacles include labor shortages, high building costs, market stagnation, immigration gaps in skilled trades, and bureaucratic delays discouraging development.
At current pace, Toronto’s average home price will jump 62.6% to $1.95M by 2035, while national rents rise 40%.
Doubling construction could limit Toronto’s price growth to 20% and reduce rent hikes from 40% to 35% by 2035.
CMHC urges immediate buyer action, leveraging current lower prices, government incentives, and falling interest rates before affordability worsens.
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