Canada's housing crisis is reaching its peak, requiring 22 million housing units by 2030 for affordability.
This coincides with record immigration levels, raising concerns about demand and prices. Affordability is a core issue, with the average home price at $668,754 in July 2023. While some blame immigrants, experts attribute the crisis to rising construction costs due to skill shortages, material scarcity, and labor expenses.
The government aims to admit 500,000 permanent residents yearly by 2025 to address multiple issues, including housing. Economists say immigration can help but must be balanced. The key is to address labor gaps and construction delays.
In conclusion, Despite the short-term issues caused by a rapid population increase, both economists and the government agree that without more skilled workers in the labour force, Canada will not be able to move forward on the housing crisis.
