Parliamentary Budget Officer says 3.2 million new homes needed to close housing gap

According to the Parliamentary Budget Officer, Canada needs to construct 3.2 million new homes over the next decade to address the current housing shortfall. The report projects that only 2.5 million homes will be built, highlighting a gap of 700,000 homes needed. Although immigration target reductions may slightly ease demand, new household formations remain high, maintaining pressure on the housing market. To close the housing gap, Canada would need to build about 290,000 homes annually, more than ever built before.