CMHC’s Forecast of 3.5 Million Houses Needed ‘Already Obsolete’ Against Rising Population Growth: CIBC Report

Canada’s Mortgage and Housing Corporation’s (CMHC) estimation that 3.5 million new homes are needed by 2030 to retain affordability is “already obsolete,” a CIBC report says. The CMHC projection used a base population of 38.9 million, the CIBC report notes, which is 1.2 million short of the country’s actual population. CIBC says that to fix the housing shortage by 2030, closer to 5 million new homes will need to be built. In the CMHC’s report, which was published in 2022, the organization said that Canada was on pace to see 2.3 million new homes built by 2030, which still fell short of the needed housing units....