Canada still needs up to 4.69 million new homes by 2036, according to the federal housing agency CMHC, even as it reports only modest progress in reducing the shortage over the past year.
CMHC says the housing supply gap narrows but remains large. The agency frames the target as the number of homes needed to restore affordability levels seen before the pandemic. It also warns that the pace of construction may not be enough, noting that building could slow, which would make closing the gap more difficult.
While the two reports share the same core figures and outlook, they emphasize different practical implications. One focuses on the scale of the need and the possibility that construction delays or slower delivery could hinder meeting the requirement, while the other centers on CMHC’s statement that Canada “narrowly” chipped away at the gap but still faces a substantial remaining shortfall.
