The country requires an estimated 5.8 million new homes to restore a semblance of affordability by 2030.
Population growth in the province has ballooned while homebuilding numbers remain virtually unchanged.
Canada’s Growing Housing Gap: Comparing Population Growth and Housing Completions in Canada, 1972–2022
The severe lack of housing options is hurting the prospects of many young Canadians.
From 2013 to 2022, Canada’s population grew by 427,439 people annually yet only 196,872 housing units were completed annually.
Insufficient supply relative to demand means fewer homes available to renters and buyers alike.
Cities with the strictest land-use regulations have the lowest rates of housing stock growth.
The province has a rental vacancy rate of 1.4 per cent.
At last count, the GTA rental vacancy rate was 1.1 per cent.